Cairo Development – Filling Alberta’s Rental Gap

Alberta’s economy has always ridden the energy cycle. When COVID-19 hit demand for fossil fuels, many Albertans found themselves needing rental housing they could afford, and struggling to find it.

“There’s such an undersupply of proper multifamily rental properties due to the fact that most developers were chasing the fast buck by building single-family homes, townhouses or condominiums. When the recession hit, the demand for rental housing grew. For us, that’s meant a lot of opportunity.”

Ash Mahmoud saw the gap and moved quickly. He founded Cairo Development Ltd. in April 2021, based in Calgary with a satellite office in Edmonton. The company focuses on construction management and general contractor services, specifically targeting the multifamily rental market that other builders had overlooked.

Active Projects

The Fifth — Calgary

A $14 million, five-story building with 52 one- and two-bedroom units, each with a balcony. Commercial space occupies the ground floor. Mahmoud took over the project mid-construction from a previous builder, and it came in slightly over budget, but he considers it a solid investment given its location on 5 Street, one of Calgary’s liveliest neighborhoods. First tenants are expected in fall 2021.

Inglewood — Calgary

Planned for the banks of the Bow River, this $26 million project will deliver 102 units. Groundbreaking is expected soon, with completion targeted for early 2023.

Chappelle — Edmonton

A $36 million development featuring two six-story residential buildings with 166 units, plus a separate 4,000-square-foot childcare facility with an adjacent play area. All Cairo Development projects include bike storage, a dog wash, and underground and surface parking.

Expansion Plans

British Columbia

Mahmoud plans to open a satellite office in central British Columbia, where a project is already pending. He sees strong rental demand across the region—Victoria Island, Abbotsford, Kelowna, and Kamloops all attract newcomers priced out of Vancouver.

United States

Within the next decade, Mahmoud expects to enter the U.S. rental market, with Dallas-Fort Worth and Phoenix as likely targets.

From the Middle East to Western Canada

Mahmoud left the United Arab Emirates in 2014 for a country he had never visited. He chose Canada for its quality of life and business environment.

“There’s so much discrimination in the Middle East. I’ve never seen it here. This is a much more humane place to live. My wife and children enjoy this lifestyle.”

Adapting to a New Market

Construction in Canada is a different game. Winters freeze exterior work, but there’s no extreme heat. Labor is the biggest expense; materials are relatively affordable. In the Middle East, it’s the reverse.

“I could write a book on it. To be successful, you really have to understand a region’s people and culture.”

Mahmoud spent 15-hour days learning Canadian construction after arriving in Calgary. He managed projects for Northern Property REIT, became managing director at Strategic Builders Inc. in 2015, and eventually founded Cairo Development.

Education and Credentials

• 1997 — Degree in Construction Engineering, American University in Cairo
• 2008 — Graduate work in Construction Management, Heriot-Watt University
• 2019 — Urban Land Economics, UBC Sauder School of Business (four-year program)

Navigating the Pandemic

Launching a construction company during COVID-19 came with challenges, disrupted supply chains, social distancing requirements. Mahmoud credits his network and proactive approach.

“Most of my investors understood what we’re going through. Very few did not. We’ve done well because we’ve managed to get ahead of the game in getting materials and substituting when possible. Having a very strong network in this industry has helped.”

He supports vaccination and notes that while the industry hasn’t fully recovered, conditions are improving.

Growth Trajectory

Mahmoud expects to manage over $500 million in projects within five years. In his first year alone, he’s on track for roughly $200 million. He’s open to acquiring other construction management or general contractor companies if the right opportunity arises.

“I’ve never failed in construction and don’t intend to do so now.”

Bottom Line

Cairo Development Ltd. entered the Alberta market at a moment of real need, a rental housing shortage that larger developers had ignored. With a strong pipeline of projects, expansion into British Columbia and the U.S., and a founder who brings both international experience and local adaptability, the company is positioned for steady growth.