M squared awards EGP 1 bn construction contract to REDCON at Masyaf Ras Alhekma

Leading Egyptian real estate company M squared has awarded REDCON Construction an EGP 1 billion contract for the construction and finishing of 59 residential buildings at Masyaf Ras Alhekma’s, concluding the project’s Phase One, as the developer expands on-site execution at its North Coast project.
With a total of 376 keys, the contract covers seven lagoon town house, seven lagoon twin house buildings, as well as 45 lagoon chalet buildings, and will be carried out over 18 months. It marks the first collaboration between Intro Investment Holdings’ real estate arm M squared and REDCON Construction, Masyaf’s main construction partner.
The award builds on Masyaf Ras Alhekma’s recent construction and delivery momentum. In September 2025, 65% of the units delivered that year at Masyaf had been handed over six to 12 months ahead of schedule, as the project continued to position itself as an operational coastal destination rather than a seasonal scheme that takes years to come to life after handover. The development also includes hospitality, retail, wellness, and food and beverage components that support day-one use.
Karim Malash, Chairman and CEO of M squared, said: “Strong developments depend on strong partnerships. For us, the relationship with REDCON Construction is built on a shared understanding of what it takes to execute projects at scale while maintaining high standards of quality and coordination. To us, this contract is just the beginning of a long-standing partnership. What matters most is working with partners who approach construction with the same level of discipline and long-term thinking that we apply to development.”
The contract is tied to one of the product categories that has featured prominently in Masyaf Ras Alhekma’s market positioning. Lagoon chalets are part of the project’s premium residential mix, alongside other products such as Seaview Staggered Chalets and Lagoon Water Villas. The new agreement now turns part of that lagoon residential offering into a defined construction package with a set value, scope, and timeline.
Omar El Gamal, CEO and Managing Director of REDCON Construction, said: “For a contractor, the most valuable partnerships are those where there is clarity of vision and alignment in how projects are executed. Working with M squared allows us to engage early and coordinate closely across engineering, construction, and finishing to ensure that the developer’s vision is translated accurately on site. We look at this agreement as the starting point of a longer collaboration where both teams can continue building on that coordination as the project progresses.”
The agreement adds another layer to Masyaf Ras Alhekma’s development model, which M squared has framed around livability, operating services, and a longer seasonal cycle on the North Coast. The project currently includes commercial outlets, wellness offerings, hospitality elements, and partnerships across asset management, finishing, lagoon works, and lifestyle services.