In a major development for Egypt’s real estate landscape, Dubai-based Majid Al Futtaim has forged a strategic alliance with Midar Investment and Urban Development Company. This collaboration aims to create a substantial mixed-use urban development in Mada City, located in New Cairo. The ambitious project, initially valued at over $3.1 billion, could see its total investment surpass $4 billion upon completion.
The undertaking will transform a 2.3-square-kilometre area into a cohesive urban community, offering a blend of residential, commercial, retail, hospitality, and entertainment facilities. The first phase is set to cover 840,000 square metres and is projected to be finished within four years. This initial stage will comprise around 6,000 residential units, complemented by a business district and hotel amenities, laying the groundwork for a vibrant new neighborhood.
Following the initial phase, the development will expand with an additional 1.26 square kilometres. This second phase will feature a significant shopping and entertainment hub, designed to align with demographic growth and occupancy trends in the adjacent locales. This approach ensures that the project adapts to the evolving needs of the area’s residents and visitors.
Majid Al Futtaim’s endeavor is anticipated to generate substantial long-term revenue, reinforcing Egypt’s status as a pivotal player in regional real estate investment. With a strong presence in Egypt over the past 27 years, the company already operates numerous key retail and commercial properties across the nation, cementing its role as a major investor in the country’s economic development.
This agreement underscores the increasing interest from Gulf investors in Egypt’s property sector, as regional capital continues to funnel into large-scale projects. The collaboration between Majid Al Futtaim and Midar Investment signifies a robust confidence in Egypt’s market potential, promising to attract further investments and foster economic growth.