M&M Morshedy: The Egyptian entrepreneurs who “fell in love” with Greece and the domestic real estate market.
The “family business” from Egypt that has made its arrival on the Athenian Riviera - In which residential projects in the southern suburbs does the real estate development company Morshedy, which is behind the largest residential building in the world, put its stamp on.
- 26/04/2024
With colossal projects in their arsenal, such as the impressive building named “Skyline,” the largest residential building in the world, which even became a Guinness World Record contender, the real estate development company Morshedy, of Egyptian origin, places the Athenian Riviera at the center of its activities, with several of the projects it is running already under construction in various areas of the southern suburbs.
From Egypt to the Athenian Riviera – Who is Morshedy
The company bears the name of its founder and inspiration, Mohamed Morshedy, who founded Memaar Al Morshedy in 1983 with a clear business strategy to penetrate the real estate development sector. He created a strong team of architects and engineers from around the world, which later became known as Degla for Real Estate Developments, a key pillar of Memaar Al Morshedy.
Currently, the company boasts a client base of over 85,000 individuals and is responsible for the development of more than 20 mega projects worldwide. Its portfolio mainly consists of residential buildings in Egypt. To understand the scale of the company, which is now focusing on the southern region, one only needs to take a closer look at the numbers it gathers. For example, it delivers 4,500 building units annually and has over 1,100 apartment buildings in its portfolio. Furthermore, it has left its mark on 25 commercial malls, 11 schools, 18 daycare centers, and, finally, 2 hospitals.
According to Forbes, Morshedy has been characterized as one of the largest “family businesses” in the Middle East.
Regarding its presence in Greece, the Morshedy Group was founded in Athens in 2012, based in Alimos, under the umbrella of Memaar Al Morshedy. As the company states, it is one of the first investors in Greece from the Middle East and currently offers more than 80 properties in 11 prime locations around Athens.
“We fell in love with Greece”
Both the founder of the company, Mohamed Morshedy, and his son, Mahmoud, who is also at the helm of the “family” business, speak highly of Greece. The business has expanded globally.
In Athens, the company is currently active through residential projects that are under construction in Vouliagmeni (with two properties), Glyfada (with another two), and Agia Paraskevi (with one). These projects, like many others in the southern suburbs, add to a map characterized by high aesthetic residential developments, luxury, and, in some cases, a futuristic character.
As far as we know so far, the architectural design of one of the two projects in Glyfada is being done by the architectural firm ISV Architects, based in Moschato. Another project is currently being constructed in the “heart” of the city, on Lambraki Avenue.