The signing ceremony took place at the Cabinet headquarters in the New Administrative Capital and marks a major Egyptian-Emirati private-sector real estate and investment partnership, expected to add significant value to Egypt’s property and investment landscape.
Prime Minister Mostafa Madbouly witnessed the signing of a strategic partnership agreement between Midar for Investment and Urban Development and Majid Al Futtaim Holding to develop an integrated urban project within Mada City in New Cairo, with an initial development value exceeding $3.1 billion.
The signing ceremony took place at the Cabinet headquarters in the New Administrative Capital and marks a major Egyptian-Emirati private-sector real estate and investment partnership, expected to add significant value to Egypt’s property and investment landscape.
Under the agreement, the two companies will develop a fully integrated urban destination across approximately 553 feddans within Mada City in New Cairo, in line with international quality standards.
The first phase will cover around 200 feddans during the first four years of implementation, reflecting both parties’ commitment to accelerating construction and commencing development immediately. A further 300 feddans will be developed during the second phase.
The plan also includes approximately 60 feddans allocated for an integrated retail and entertainment destination. This component will be developed gradually, in line with construction progress and occupancy rates in the surrounding residential communities.
With the inclusion of this commercial and entertainment element, the project’s total development value is expected to exceed $4 billion.
The master plan features around 6,000 residential units of different types, alongside a comprehensive business and services district, retail and entertainment facilities, and hospitality units.
The project is designed to create an integrated urban destination that supports sustainable economic and urban development while offering an advanced environment for residents, businesses and investors.
Speaking on the sidelines of the signing, Ayman El Qousi, Managing Director and CEO of Midar, said the partnership with Majid Al Futtaim would further strengthen Mada City’s position as an attractive destination for regional investors.
He noted that the 553-feddan project will be developed under a revenue-sharing model, with projected future returns to Midar exceeding EGP 40 billion.
Commenting on the agreement, Ahmed Galal Ismail, CEO of Majid Al Futtaim Holding, said the partnership represents a significant milestone in the company’s journey in Egypt.
He added that the partnership builds on Majid Al Futtaim’s 27-year presence in Egypt, during which the company has invested approximately $2.8 billion in the Egyptian market and contributed to creating more than 226,000 direct and indirect job opportunities.
