Majid Al Futtaim, a prominent Dubai-based conglomerate, has entered into a strategic alliance with Egypt’s Midar Investment and Urban Development Company to construct a substantial mixed-use urban project in Mada City, located in New Cairo. This ambitious undertaking is initially valued at over $3.1 billion, with projections suggesting the total investment could surpass $4 billion upon full completion.
The agreement stipulates that Majid Al Futtaim will oversee the development of a 2.3-square-kilometre community, integrating various elements such as residential, commercial, retail, hospitality, and entertainment. The first phase of the project, covering 840,000 square metres, is slated for completion over the next four years. This phase will introduce approximately 6,000 residential units, complemented by a business district and hotel facilities.
The subsequent phase aims to increase the project’s scope by an additional 1.26 square kilometres, featuring a significant shopping and entertainment hub. This expansion will be aligned with the growth of the local population and the occupancy rates in nearby areas.
As a significant initiative, the project is anticipated to generate substantial long-term revenue streams, solidifying Egypt’s standing as a prime location for regional real estate investment. Majid Al Futtaim has a longstanding presence in Egypt, having invested heavily in the country for 27 years and managing several key retail and commercial properties.
This partnership underscores the increasing interest from Gulf investors in Egypt’s real estate sector, as substantial projects continue to attract billions of dollars in regional capital. With this development, Egypt is poised to further enhance its appeal to investors in the property market.