Majid Al Futtaim, a prominent company based in Dubai, has embarked on a significant venture in collaboration with Egypt’s Midar Investment and Urban Development Company to create a vast mixed-use urban community in Mada City, New Cairo. Initially valued at over $3.1 billion, the project’s total worth could exceed $4 billion once fully realized. This strategic partnership aims to develop an expansive 2.3-square-kilometre integrated community that will encompass residential, commercial, retail, hospitality, and entertainment facilities.
The project’s first phase, covering 840,000 square metres, is slated for completion within four years. This phase will feature approximately 6,000 residential units, a business district, and hotel amenities. Following this, the second phase will extend the development by an additional 1.26 square kilometres, introducing a large shopping and entertainment hub designed to match the area’s population growth and occupancy demands.
With expectations of generating substantial long-term revenue, the project is poised to enhance Egypt’s standing as a pivotal destination for real estate investment in the region. Majid Al Futtaim, with a history of substantial investments in Egypt over the past 27 years, continues to manage several key retail and commercial enterprises throughout the country.
This agreement highlights the increasing interest of Gulf investors in Egypt’s real estate market, as major developments continue to draw in billions of dollars of regional funding. The collaboration between Majid Al Futtaim and Midar Investment underscores the robust flow of Gulf capital into Egypt’s property sector, reinforcing the nation’s attractiveness for regional investors.