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 create a substantial mixed-use urban community in Mada City, New Cairo. The ambitious project is set to commence with an initial investment exceeding $3.1 billion, with the total value potentially surpassing $4 billion upon its full completion.
Spanning 2.3 square kilometers, the development will integrate residential, commercial, retail, hospitality, and entertainment elements. The first phase of the project, which covers 840,000 square meters, is slated for completion over a four-year period. This phase will feature around 6,000 residential units, alongside a business district and hotel facilities, marking a significant step in the area’s urban development.
The subsequent phase will extend the project by an additional 1.26 square kilometers, introducing a major shopping and entertainment hub. This expansion is designed to align with the population growth and increasing occupancy levels within the surrounding regions, thereby enhancing the community’s appeal and functionality.
This venture is anticipated to yield significant long-term revenue streams and bolster Egypt’s reputation as a prime destination for regional real estate investments. Majid Al Futtaim has a long-standing presence in Egypt, having invested heavily in the country over the past 27 years, and currently operates numerous major retail and commercial assets nationwide.
The agreement underscores the rising interest of Gulf investors in Egypt’s property sector. With substantial projects continuing to attract billions in regional capital, this partnership exemplifies the ongoing trend of Gulf investment bolstering Egypt’s real estate landscape.