MIDAR for Investment and Urban Development has signed a strategic partnership with Majid Al Futtaim to develop an integrated urban project in MADA City, New Cairo. The $3.1bn deal was announced at a press conference witnessed by Prime Minister Mostafa Madbouly.
The agreement was reached during a press conference at the Cabinet headquarters in the New Administrative Capital. Senior officials including the ministers of housing and investment attended alongside the UAE ambassador to Egypt.
Ayman El Kousy, CEO of MIDAR, stated that the project covers 553 feddans on a revenue-sharing basis with expected returns exceeding EGP 40bn. He highlighted growing confidence in the Egyptian real estate market.
Ahmed Galal Ismail, CEO of Majid Al Futtaim Holding, described the deal as a milestone for the company in Egypt. The firm has invested $2.8bn locally over 27 years and created more than 226,000 jobs.
The project will proceed in phases starting with 200 feddans in the first four years. It includes about 6,000 residential units plus commercial and entertainment facilities with total value expected to exceed $4bn at completion.