Egypt's ⁠Midar and ‌UAE's Majid Al Futtaim signed ​a partnership on ​Sunday for a $3.1 ​billion urban development comprising residential, commercial ⁠and tourist projects in Cairo, spanning 553 feddans (574 ​acres).

The ‌development is ⁠expected ⁠to generate 200 billion ​Egyptian pounds ‌to 250 ⁠billion Egyptian pounds ($4 billion to $5 billion) in revenue over 15-20 years, Midar CEO Ayman El-Kousy told reporters ‌on the sidelines of the ⁠signing ceremony.

($1 = ​49.8700 Egyptian pounds)

(Reporting by ​Mohamed Ezz ‌and Tala ⁠Ramadan Editing ​by David Goodman)