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 establish a significant mixed-use urban community in Mada City, New Cairo. This ambitious project is initially valued at over $3.1 billion, with the potential to surpass $4 billion upon its full realization. The collaboration underscores a commitment to developing a 2.3-square-kilometre integrated community that will include a variety of components such as residential, commercial, retail, hospitality, and entertainment.
The initial phase of the project, covering 840,000 square meters, is slated for completion over a four-year period. It will feature approximately 6,000 residential units, complemented by a business district and hotel facilities. The following phase aims to expand the development by an additional 1.26 square kilometers, incorporating a vast shopping and entertainment hub. This expansion will be aligned with population growth and occupancy trends in the surrounding region, ensuring sustainable development.
This venture is expected to generate substantial long-term revenues and bolster Egypt’s standing as a prime location for regional real estate investment. Majid Al Futtaim has been a significant investor in Egypt over the last 27 years, with several major retail and commercial assets already operating across the country. This latest project further underscores the company’s commitment to deepening its footprint in the Egyptian real estate market.
The agreement between Majid Al Futtaim and Midar Investment reflects a broader trend of increasing Gulf investment in Egypt’s property sector. As major projects continue to attract billions of dollars in regional capital, Egypt solidifies its role as a key destination for real estate development. This partnership highlights the ongoing interest and confidence that Gulf investors have in the potential of Egypt’s growing urban landscapes.