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Madinet Masr Signs the first MoU of its kind with Elmarakby Steel Marking a Significant Step to Enhance Enviromental Sustainability in the Realm of Real Estate Development

 

Madinet Masr is the first real estate developer to sign this strategic agreement with Elmarakby Steel to enhance environmental and economic sustainability at the company’s construction sites through using rebars produced with the lowest CO2 emissions and promoting scrap waste management

Cairo, Egypt, 13 February 2024: Madinet Masr (stock code MASR.CA), one of Egypt’s leading urban community developers, signed a Memorandum of Understanding (MoU), with Elmarakby Steel, one of the leading companies in the field of production and supply of iron and steel products, to work on a waste management strategy for construction sites in line with the state’s efforts to lower carbon emissions, reduce waste and enhance environmental and economical sustainability in the construction industry. This is made in alignment with the increasing global direction for companies that are looking for sustainabile and environmental friendly alternatives in their supply chains. Elmarakby Steel is recognized as a leader in producing reinforced steel rebar and wire rods with the lowest carbon emissions in Egypt, the Arab region and North Africa, according to the latest data from the World Steel Association.
Madinet Masr is the first real estate developer to sign such a strategic partnership with Elmarakby Steel to support suppliers who follow lowest carbon emissions’ production routes, to reduce waste, and enhance the closed-loop cycle in the construction industry. Where Madinet Masr supplies the majority of its reinforced steel rebar needs with the lowest carbon emissions from Elmarakby Steel, in line with the company’s strategy to reduce carbon footprint. Additionally Madinet Masr will promote collecting scrap generated from its construction sites and its contractors, transforming it into new reinforced steel and wire rods by elmarakby Steel, and subsequently reintegrating them into the construction process. This aligns with the efforts of the Egyptian government to achieve the sustainability vision for Egypt 2030.
Commenting on the signing of the MoU, Eng. Abdallah Sallam, President and CEO of Madinet Masr, said: “We are committed to promoting sustainability in all aspects of our operations in the construction industry, and we believe that our partnership with Elmarakby Steel represents a remarkable step in the right path towards a more sustainable future for Egypt, and will contribute to reducing our carbon footprint and enhancing the sustainable use of resources. Economic development is no longer the sole indicator of the success of developers, as there are other criteria to take into consideration.”
For his part, Eng. Hassan Elmarakby, Chief Executive Officer of Elmarakby Steel, said: “We are pleased to partner with Madinet Masr as one of the leading developers in the field of real estate development, which reflects our shared commitment to achieving sustainability as this partnership contributes to promoting sustainable economic practices in the construction industry, to benefit the overall ecosystem.”

For her part, Dena Habib, VP Corporate Relations of Madinet Masr, said: “We are proud to be the first developer to sign this first-of-its-kind MoU as part of our unwavering commitement to creating sustainable communities across all aspects of our operations, economically, socially and environmentally and according to the highest quality standards.”
For his part, Ramy Saleh, Chief Business Development and Sustainability Officer of Elmarakby Steel, said: “Our strategic partnership with Madinet Masr as one of the leading real estate developers in Egypt is a significant breakthrough, and we take pride that Elmarakby Steel products have the lowest carbon emissions in Egypt and in the region. The steel industry plays a crucial role in the growth of societies, so we seek to develop our products in line with the country’s direction to reduce the overall environmental impact associated with steel manufacturing and limiting carbon emissions. In addition to developing the circular economy, this also contributes to scaling up growth, opening horizons for green financing, and fostering the development of Egyptian exports in the steel and real estate sectors.”
Since 1960, Elmarakby Steel serves its wide customer base through the distribution and supply of iron and steel all over Egypt. Stemming from its leading position as an integrated industrial leader from recycling, melting and processing of scrap to produce high-quality steel with the lowest emissions, Elmarakby Steel is proud to supply quality products to some of the country’s iconic projects as well as exporting to Africa, Asia, Europe, and North and South America.

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