AJAD Developments raises capital to EGP 4bn via MG Developments partnership

AJAD Developments, an Egyptian-Saudi real estate developer, has announced a strategic partnership with MG Developments. As part of this agreement, MG Developments has acquired a stake in the company, facilitating a capital increase to EGP 4 billion.

The capital boost is intended to support expansion efforts in West Cairo and fund the Elaia project in New Heliopolis. The company plans to invest EGP 500 million into construction works for the Elaia project during 2026 and 2027. Following the approval of the project’s master plan via Ministerial Decree No. 994 of 2026, construction is scheduled to begin in the second half of 2026, with the first phase slated for delivery by the end of 2029.

AJAD Developments CEO Anas Ammar stated that the partnership strengthens the company’s financial position and execution capabilities. In addition to its Egyptian operations, the company is currently exploring new investment opportunities in Riyadh, Saudi Arabia.