en.Wedoany.com Reported - Egypt's Midar Investment and Urban Development Company has partnered with UAE-based Majid Al Futtaim to develop a large mixed-use project within the Mada project in eastern Cairo. The project spans 553 acres, with an estimated total development value exceeding $3.1 billion.
The relevant agreement was officially signed at the Cabinet headquarters in the New Administrative Capital, witnessed by Egyptian Prime Minister Mostafa Madbouly. Midar stated that, under a revenue-sharing model, the project is expected to generate over $800 million in future revenue for the company.
The project is planned to be implemented in phases, with the first phase covering 200 acres over four years, followed by a second phase of approximately 300 acres. An additional 60 acres have been reserved for the development of shopping, entertainment, and leisure destinations, with specific development to proceed based on project occupancy rates and market demand. According to the two companies, the inclusion of retail and entertainment components could potentially push the overall development value beyond the current $3.1 billion estimate.
The master plan includes 6,000 residential units, along with commercial and service areas, retail facilities, and hotel assets. Midar views this partnership as part of its overall strategy to accelerate the development of the Mada project, which is being positioned as a major mixed-use urban center in New Cairo.
Majid Al Futtaim stated that over the past 27 years, its cumulative total investment in Egypt has reached $2.8 billion, creating more than 226,000 direct and indirect jobs. The company's investment portfolio in Egypt includes retail and entertainment destinations such as Mall of Egypt, City Centre Almaza, City Centre Alexandria, and City Centre Maadi, and it operates 115 Carrefour and Supeco retail stores.
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