Egyptian Prime Minister Mostafa Madbouly witnessed the signing of a strategic partnership between Midar for Investment and Urban Development and Majid Al Futtaim to develop an integrated urban project in Mada City, New Cairo, with a total development value exceeding $3.1 billion.
The signing ceremony took place at the Cabinet headquarters in the New Administrative Capital. The project represents a major Egyptian-Emirati private-sector partnership and is expected to add significant value to Egypt’s real estate and investment market.
Midar is the master developer of Mostakbal City and Mada City in New Cairo, while Majid Al Futtaim is one of the region’s leading companies in retail, real estate and integrated urban development.
The ceremony was attended by Housing, Utilities and Urban Communities Minister Randa El-Menshawy, Investment and Foreign Trade Minister Mohamed Farid Saleh, UAE Ambassador to Egypt Hamad Obaid Al Zaabi, and a number of senior officials and business leaders.
The partnership agreement was signed by Ahmed Galal Ismail, Chief Executive Officer of Majid Al Futtaim Holding, and Ayman El-Kousy, Managing Director and Chief Executive Officer of Midar.
Under the agreement, the two companies will develop an integrated urban project inside Mada City over an area of nearly 553 feddans, according to international quality standards.
The first phase of the project will cover 200 feddans during the first four years of implementation. A further 300 feddans will be developed in the second phase, while around 60 feddans will be allocated for an integrated shopping and entertainment destination, depending on development progress and occupancy rates in nearby residential communities.
With these components, the project’s total development value is expected to exceed $4 billion.
The masterplan includes around 6,000 residential units, in addition to a business and services district, commercial and entertainment facilities, and hotel units. The project aims to create an integrated urban destination that supports sustainable economic and urban development while providing a modern living and working environment for residents and investors.
Ayman El-Kousy said the partnership with Majid Al Futtaim strengthens Mada City’s position as an attractive urban destination for regional investors. He added that the project will be developed under a revenue-sharing model, with expected future returns to Midar exceeding EGP 40 billion.
El-Kousy said Midar is committed to selecting strong strategic partners, noting Majid Al Futtaim’s proven record in delivering projects that meet high standards of quality and efficiency.
He added that the partnership reflects Egypt’s success in attracting local and regional investment to the real estate sector and confirms the confidence of major investors in the Egyptian market.
El-Kousy said the growing regional and international interest in Mada City reflects Midar’s success as a master developer of integrated cities and its ability to build strategic partnerships with leading regional and global companies.
Ahmed Galal Ismail, CEO of Majid Al Futtaim Holding, said the partnership marks a major milestone for the company in Egypt.
He said Majid Al Futtaim will bring its regional experience in developing integrated mixed-use residential communities to Mada City for the first time, with a model that places quality of life and sustainability at the centre of the project.
Ismail added that the partnership builds on Majid Al Futtaim’s 27-year presence in Egypt, during which the company has invested around $2.8 billion in the Egyptian market and helped create more than 226,000 direct and indirect jobs.
He said the new project reflects the company’s continued confidence in the resilience of the Egyptian market and its ability to accommodate future destinations built to international standards.
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