Monterra Developments has entered Egypt’s real estate market through an Egyptian-Russian partnership, launching its first project, Monterra Bay, on the North Coast with investments estimated at EGP 25bn.
CEO Mohamed Maamoun said the partnership combines financial investment with technical expertise, reflecting broader economic ties between Egypt and Russia. He noted that Russian investor involvement signals sustained foreign confidence in Egypt’s real estate sector.
The company was established in 2025 after completing legal procedures and securing project land. During 2026, it focused on building its organizational structure and operational readiness. Construction works for Monterra Bay began in September 2025, ahead of the official launch.
Monterra Developments relies on affiliated construction companies that have participated in major national projects, including the El Dabaa Nuclear Power Plant, to support execution. According to Maamoun, this integration is intended to enhance delivery efficiency.
The project spans approximately 55 feddans and includes around 1,440 residential units, primarily chalets ranging from 100 to 135 sqm. A significant portion of the site is allocated to open spaces, landscaping, and water features.
Maamoun said the development will be delivered in phases, with the first phase expected within three years. He added that clients will gain beach access starting summer 2026. The company is adopting a structured pricing approach to position Monterra Bay competitively within the North Coast market.
On the partnership, Anton Anuchin said the venture reflects growing Russian confidence in Egypt’s economy, adding that Egypt could serve as a base for broader regional expansion. Co-founder Maxim noted that Monterra Developments plans gradual expansion in Egypt, with additional projects under study in Cairo.
Over the coming years, Monterra Developments aims to build a diversified portfolio in Egypt, with Monterra Bay representing its first flagship development.
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