In a significant development for Egypt’s real estate market, Dubai’s Majid Al Futtaim has entered into a strategic partnership with Midar Investment and Urban Development Company, based in Egypt, to create a substantial mixed-use urban community in Mada City, New Cairo. This ambitious project is initially valued at over $3.1 billion, with potential to surpass $4 billion upon full completion.
The collaboration will see Majid Al Futtaim spearheading the development of a 2.3-square-kilometre integrated community. This expansive area will include residential, commercial, retail, hospitality, and entertainment features. The project’s first phase, covering 840,000 square metres, is slated for completion within four years. It will comprise approximately 6,000 residential units, a business district, and hotel facilities.
Expanding on this, the second phase will add another 1.26 square kilometres, featuring a large shopping and entertainment hub. This expansion is aligned with the anticipated population growth and occupancy rates in the surrounding areas, ensuring the project’s viability and attractiveness as a destination.
Majid Al Futtaim has a long-standing presence in Egypt, having invested significantly in the country over the past 27 years. The company already manages several key retail and commercial assets across Egypt. This new venture is expected to generate considerable long-term revenues, further enhancing Egypt’s reputation as a prime regional real estate investment destination.
The agreement is part of a broader trend of increasing Gulf investment in Egypt’s property sector. As major projects continue to secure billions of dollars in regional capital, Egypt solidifies its position as a crucial hub for real estate development in the region.