Auditor Flags Zahraa Maadi Accounts Over 1.5 Billion in Land Purchases Without Contracts

Egypt’s Central Auditing Organization has raised reservations about the financial statements of Zahraa Maadi Investment Company, flagging land purchases valued at 1.5 billion that lacked contracts.

The finding emerged from a limited review of the company’s interim financial statements as of June 30, 2026. The review identified several accounting observations and irregularities.

The absence of contracts for the land purchases was among the issues highlighted. The available summary did not specify the currency, identify the plots involved or provide further details about the transactions.

No company response or details of corrective measures were included in the summary. The remaining accounting findings were not set out in the information provided.