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Egypt’s master developer MIDAR has signed a revenue-sharing agreement with SODIC to co-develop a new mixed-use project within the Mada City development in East Cairo.
The project, valued at 110 billion Egyptian pounds ($2.3 billion), will cover 500 acres and form an integrated residential and commercial community, executives from both companies told Zawya Projects.
“MIDAR’s collaboration with SODIC marks another step in building high-value partnerships within our Mada City masterplan,” said Ayman El Kousey, CEO and Managing Director of MIDAR.
Ayman Amer, SODIC’s General Manager, said the project is envisaged as “an integrated community designed around modern living and sustainability.”
Mada City is MIDAR’s newest and largest fifth-generation urban development, spanning 5,800 acres.
SODIC is owned 85.5 percent by the Abu Dhabi-based consortium of ADX-listed master developer Aldar and sovereign fund ADQ. Aldar’s effective share is 59.9 percent.
(1 US Dollar = 47.37 Egyptian Pounds)
(Reporting by Eman Hamed; Editing by Anoop Menon)
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