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Egyptian master developer MIDAR for Investment and Urban Development (MIDAR) has signed an agreement with Sporting for Investment and Sports Facilities (S.A.E), owned by Alexandria Sporting Club, to develop and operate the a social and sports club in Phase 3 of Mostakbal City, east of Cairo, the company said.
The project will span 42 acres and involve investments exceeding 3 billion Egyptian pounds ($63 million).
Under the agreement, Sporting will manage, operate and market the club in line with regulations set by Egypt’s Ministry of Youth and Sports.
The deal follows a previously signed memorandum of understanding between the two parties.
The project will be implemented in three phases, with Phase 1 scheduled to open in the first half of 2027. It will include courts for handball, basketball, volleyball, tennis and five-a-side football, alongside fitness centres, landscaped green areas, a food court, children’s play zones and open-air social spaces.
MIDAR is the master developer of Mostakbal City and Mada in New Cairo.
(1 US Dollar = 47.35 Egyptian Pounds)
(Writing by Eman Hamed; Editing by Anoop Menon)
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