MIDAR for Investment and Urban Development has signed a strategic partnership with Majid Al Futtaim to develop an integrated urban project within MADA City in New Cairo, with a total development value of $3.1bn. The agreement was announced during a press conference held at the Cabinet headquarters in the New Administrative Capital and witnessed by Prime Minister Mostafa Madbouly. The event was attended by senior government officials, including the ministers of housing, utilities and urban communities, and investment and foreign trade, as well as the UAE ambassador to Egypt and representatives from both companies. Ayman El Kousy, CEO and Managing Director of MIDAR, said the partnership reinforces MADA City’s position as a leading investment destination in East Cairo. He noted that the project will span 553 feddans under a revenue-sharing model, with expected future returns for MIDAR exceeding EGP 40bn. El Kousy added that the agreement reflects growing confidence in the Egyptian real estate market and MIDAR’s ability to attract major regional and international development partners. He also highlighted that the deal forms part of a broader series of strategic partnerships within MADA City that have attracted multi-billion-dollar investments. For his part, Ahmed Galal Ismail, CEO of Majid Al Futtaim Holding, described the partnership as a significant milestone in the company’s operations in Egypt, noting that it marks the first time the group will integrate its regional expertise in mixed-use community development within MADA City, with a strong focus on quality of life and sustainability. He added that Majid Al Futtaim has invested approximately $2.8bn in Egypt over the past 27 years, contributing to the creation of more than 226,000 direct and indirect jobs. He also reaffirmed the company’s long-term commitment to the Egyptian market and its future expansion plans. Under the agreement, the project will be developed in phases, beginning with 200 feddans over the first four years, followed by a second phase covering 300 feddans. Around 60 feddans will be dedicated to retail and entertainment components. The total development value is expected to exceed $4bn upon full completion. The master plan includes approximately 6,000 residential units, in addition to commercial, administrative, hospitality, and entertainment facilities, creating a fully integrated urban destination. Majid Al Futtaim’s portfolio in Egypt includes Mall of Egypt, City Centre Almaza, City Centre Alexandria, and City Centre Maadi, as well as Carrefour and Supeco retail operations, cinemas and entertainment assets. The company also owns and operates major regional developments, including Mall of the Emirates and Tilal Al Ghaf in Dubai. The post MIDAR, Majid Al Futtaim sign $3.1bn partnership to develop integrated urban project in New Cairo first appeared on Dailynewsegypt.
