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Egypt’s Midar for Investment and Urban Development (Midar), the master developer of Mostakbal City and Mada in East Cairo, has signed a strategic partnership agreement with UAE-based Majid Al Futtaim to develop a large-scale mixed-use project within the Mada destination.
The agreement was signed in the presence of Egyptian Prime Minister Mostafa Madbouly at the Cabinet headquarters in the New Administrative Capital.
The project will span 553 acres and is expected to have a total development value exceeding $3.1 billion.
To be implemented under a revenue-sharing model, the project is projected to generate future returns of more than 40 billion Egyptian pounds ($800 million) for Midar, the master developer said in its press statement.
Under the agreement, the unnamed project will be developed in phases, with the first phase covering approximately 200 acres over the initial four years, followed by a second phase spanning around 300 acres.
An additional 60 acres have been earmarked for a shopping, entertainment and leisure destination that will be developed in line with project occupancy levels and market demand.
According to the two companies, the inclusion of the retail and entertainment component could increase the overall development value beyond the currently estimated $3.1 billion.
The master plan includes approximately 6,000 residential units alongside a business and services district, commercial facilities and hospitality assets.
The project forms part of Midar's broader strategy to accelerate development within the Mada destination, which is being positioned as a major mixed-use urban centre in New Cairo.
Majid Al Futtaim said it has invested approximately $2.8 billion in Egypt over the past 27 years, creating more than 226,000 direct and indirect jobs. The company's Egyptian portfolio includes Mall of Egypt, City Centre Almaza, City Centre Alexandria and City Centre Maadi, as well as 115 Carrefour and Supeco retail outlets and a range of entertainment destinations.
(1 US dollar = 49.99 Egyptian pounds)
(Writing by Eman Hamed; Editing by Anoop Menon)
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