In a strategic move to bolster real estate development in Egypt, Dubai’s Majid Al Futtaim has partnered with Midar Investment and Urban Development Company, setting the stage for a transformative urban project in Mada City, New Cairo. The ambitious endeavor is initially valued at over $3.1 billion, with projections suggesting it could surpass $4 billion upon full completion. This collaboration aims to create a 2.3-square-kilometre integrated community, highlighting Majid Al Futtaim’s commitment to expanding its footprint in the region.
The development’s first phase will cover 840,000 square metres and is expected to reach completion within four years. It will feature approximately 6,000 residential units alongside a business district and hotel amenities, fostering a vibrant urban environment. The project’s second phase will extend the development by an additional 1.26 square kilometres, incorporating a comprehensive shopping and entertainment hub designed to align with the demographic growth and rising occupancy rates in the surrounding vicinity.
This major project is poised to generate substantial long-term revenue, reinforcing Egypt’s status as a pivotal destination for real estate investment within the region. Majid Al Futtaim’s involvement underscores its enduring commitment to Egypt, where it has established a significant presence over the past 27 years through numerous retail and commercial investments.
The partnership is indicative of a broader trend of increased Gulf investment in Egypt’s property sector, with large-scale projects continuously drawing billions of dollars in regional capital. By tapping into this lucrative market, Majid Al Futtaim and Midar aim to capitalize on Egypt’s strategic positioning and burgeoning real estate potential.