Majid Al Futtaim, a prominent company based in Dubai, has entered into a strategic partnership with Egypt’s Midar Investment and Urban Development Company to undertake the development of a significant mixed-use urban community in New Cairo’s Mada City. This ambitious project has an initial development value of over $3.1 billion, with the potential to surpass $4 billion once fully realized.
The agreement outlines the creation of a 2.3-square-kilometre integrated community featuring a blend of residential, commercial, retail, hospitality, and entertainment elements. The project’s first phase covers 840,000 square metres and is set to unfold over four years, incorporating around 6,000 residential units, a business district, and hotel amenities. The subsequent phase will add another 1.26 square kilometres, designed to include a substantial shopping and entertainment hub, catering to the growing population and rising occupancy in the vicinity.
This development is poised to yield significant long-term revenues while enhancing Egypt’s stature as a prime destination for regional real estate investment. Majid Al Futtaim has a long-standing presence in Egypt, having invested heavily over the past 27 years and currently operating several major retail and commercial assets throughout the country.
The partnership underscores the increasing flow of Gulf investments into Egypt’s real estate sector, with such major projects continuing to draw billions of dollars in regional capital. This trend reflects the confidence investors have in Egypt’s potential for growth and development, particularly in the property market.