Makan Developments has announced the introduction of a new clause in its client contracts, representing a major breakthrough in Egypt’s real estate sector. The new clause links client installment payments to the actual progress of construction, ensuring that clients have the right to suspend payments if any delay or halt in construction occurs.
This pioneering step reflects Makan Developments’ commitment to transparency, credibility, and safeguarding client rights — setting a new benchmark for fair and secure contractual practices in the Egyptian real estate market.
Statement by the General Manager
Commenting on the announcement, Ibrahim El Feky, General Manager of Makan Developments, stated:
“This decision reflects our full confidence in our execution capabilities and strong financial solvency, which enable us to meet delivery schedules and maintain the highest quality standards. It also embodies our vision to establish new industry standards that build trust between clients and developers through a practical model that balances client rights with developer commitments.”
El Feky also urged the relevant authorities to consider adopting the Escrow Account system in the Egyptian market — a mechanism that has proven its efficiency and reliability in the UAE.
“The Escrow Account system ensures that all installment payments are deposited into a dedicated account for each project, under government supervision. This guarantees that developers adhere to construction milestones and protects clients’ funds, thereby creating a safer and more sustainable environment for Egypt’s real estate market,” he explained.
About Makan Developments
Makan Developments is among Egypt’s leading real estate developers, with a diversified portfolio of more than 15 projects across key cities including Mansoura, El Mahalla El Kubra, and New Cairo, as well as several residential, administrative, and medical projects in the Kingdom of Saudi Arabia, notably in Jeddah, Abha, and Khamis Mushait.
Currently, the company is developing 30 residential projects simultaneously in Beit El Watan and New Narges in New Cairo, backed by ambitious expansion plans to further strengthen its position and presence in the Egyptian market during the coming period.
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