Prime Minister Mostafa Madbouly said real estate development projects represent a key driver of Egypt’s economy, supporting industrial activity, employment, and investment flows, during a ceremony marking the signing of a strategic partnership between Egyptian company Midar Investment and Urban Development and UAE-based Majid Al Futtaim.
The partnership will develop an integrated urban project within Mada City in New Cairo, covering 553 feddans with investments exceeding $3.1 billion.
Madbouly said projects of this scale reflect continued confidence from both local and foreign investors in the Egyptian economy, adding that Egypt has become a major investment and development hub in the Middle East.
He pointed to the recently launched second edition of the State Ownership Policy Document, which outlines the government’s role in the economy through 2030 and emphasizes expanding private sector participation in key sectors, including real estate development.
The Prime Minister said the real estate sector extends beyond housing, covering integrated urban development activities including entertainment, tourism, hospitality, and commercial services, creating broader economic value.
Addressing criticism that the government focuses mainly on real estate projects, Madbouly said such developments are linked to dozens of supporting industries, including construction materials, manufacturing, food, and retail.
He noted that a large-scale project can involve around 90 to 95 different industries, with thousands of factories contributing to implementation and creating employment opportunities during construction and operation phases.
Madbouly added that the impact of these projects continues after completion through commercial and service activities such as restaurants and retail, supporting additional sectors of the economy.
He stressed that the government continues to support partnerships between Egyptian and foreign private sector companies, particularly with investors from the UAE and other countries, due to their contribution to job creation, economic growth, and long-term development.
