Cornerstone Development has operated in Egypt’s real estate market since at least 2020, the earliest year supported by published evidence, although its official website does not state a specific legal incorporation year. The company is headquartered at 18 Almazah Street, Heliopolis, Cairo. It is led by Chairman and CEO Eng. Ashraf Boulos, with Eng. Mourad Shenouda serving as Chief Operating Officer. Cornerstone focuses on residential and mixed-use development in the New Administrative Capital and Mostakbal City, where its principal projects are The Curve, The Terraces, and RED.
The company’s development approach combines design, nature, technology, landscaping, and shared amenities. Its portfolio includes apartments, duplexes, townhouses, villas, offices, clinics, and retail space. No verified public total is available for delivered units as of June 2026, so the planned unit counts within individual projects should not be presented as completed or delivered inventory.
Cornerstone Development’s Operating History
The earliest verifiable coverage of Cornerstone Development dates to 2020, when approval-related news for The Curve in the New Administrative Capital was published. A March 2025 report on the company’s official website also described the strategies shaping its progress over the preceding five years. Together, these sources support 2020 as the start of documented operations, but they do not amount to an explicit statement of the company’s legal founding date.
Eng. Ashraf Boulos serves as Chairman and CEO, while Eng. Mourad Shenouda is the company’s COO. Cornerstone says its founders and board bring local and international experience across investment, construction, building materials, concrete, and interior design. The company has applied that background to a portfolio concentrated in East Cairo and the New Administrative Capital.
- 2020: Cornerstone’s activity and The Curve project were documented in the market.
- 2024: The company announced an agreement with MIDAR to develop 60 acres in Mostakbal City’s third phase.
- 2025: Cornerstone expanded the RED offering and reported EGP 5 billion in sales.
Key Cornerstone Development Projects
Cornerstone’s publicly identified portfolio includes three principal projects covering residential, commercial, administrative, and medical uses:
Residential Projects
- The Curve — R8, New Administrative Capital: a 13-acre residential development with approximately 550 units arranged across four blocks and 15 buildings. Cornerstone reports 100,000 square metres of built-up area, with studios, apartments, and duplexes. The location provides access to the Diplomatic District, Green River, and Mohamed Bin Zayed Axis.
- RED | Water Villas & Floating Gardens — Mostakbal City Phase 3: a 60-acre, three-phase project planned to include 650 units. Its product mix covers apartments, duplexes, townhouses, and villas. Published project information states that buildings occupy 17% of the land, while announced unit sizes range from 69 to 424 square metres depending on type.
Commercial and Administrative Projects
- The Terraces — New Administrative Capital: a ground-plus-three mixed-use development with offices, clinics, retail units, and shared amenities. Cornerstone presents the project as a sustainability-focused commercial and administrative destination.
These projects show a clear geographic focus on East Cairo while allowing the company to address both residential demand and business, medical, and retail uses.
Cornerstone Development Facts and Figures
| Earliest verified operating year | 2020 |
| Delivered units | No verified public total available |
| Principal announced projects | 3 |
| Planned units at The Curve | Approximately 550 |
| Planned units at RED | 650 |
| RED land area | 60 acres |
| Reported sales in 2025 | EGP 5 billion |
| Core locations | New Administrative Capital and Mostakbal City |
| Head office | 18 Almazah Street, Heliopolis, Cairo |
The unit figures for The Curve and RED are planned project totals, not evidence that Cornerstone has delivered 1,200 units. No independently stated total for delivered units was found in the company’s public information as of June 2026.
Vision and Development Specialties
Cornerstone describes its vision as building a full-service real estate firm through a “glocal” approach that combines international experience with Egyptian culture. Its stated development pillars are nature, design, technology, art and culture, wellness, and community. This framework treats landscaping, amenities, and social activity as part of the development plan rather than as separate additions.
- Residential communities: apartments, duplexes, townhouses, and villas across multiple size ranges.
- Mixed-use development: commercial, administrative, medical, and retail spaces within planned destinations.
- Flexible finishing: the company introduced a Flexi-Finished concept reaching 80% completion, leaving selected details for buyers to personalise.
- Sustainability and landscaping: RED uses a limited building footprint and integrates water features and gardens into its plan.
Cornerstone also highlights site selection, access, specifications, and delivery commitments. Buyers should nevertheless assess each project against its own contracts, construction progress, and announced schedule.
Recent Cornerstone Development Updates
In August 2025, Cornerstone launched luxury units with up to 80% finishing at RED | Water Villas & Floating Gardens in Mostakbal City. In September 2025, the company reported reaching EGP 5 billion in sales, alongside comments from Eng. Ashraf Boulos supporting mortgage-finance initiatives for younger buyers.
These updates followed the company’s agreement with MIDAR to develop 60 acres in Mostakbal City. The move broadened Cornerstone’s geographic reach beyond the New Administrative Capital and added a large residential community to its East Cairo portfolio.
Frequently Asked Questions About Cornerstone Development
When did Cornerstone Development begin operating?
The earliest documented activity dates to 2020. Cornerstone’s official website does not state a precise legal founding year, so 2020 is used as the earliest verified operating year.
Who leads Cornerstone Development?
Eng. Ashraf Boulos is Chairman and CEO. Eng. Mourad Shenouda serves as Chief Operating Officer.
What are Cornerstone Development’s main projects?
The company’s main projects are The Curve and The Terraces in the New Administrative Capital, and RED in Mostakbal City.
How many units has Cornerstone Development delivered?
No verified public total is available for delivered units. Published figures refer to approximately 550 planned units at The Curve and 650 planned units at RED.
Where is Cornerstone Development headquartered?
The listed head office is at 18 Almazah Street, Heliopolis, Cairo, Egypt. The company also lists an office at LakeTown.