Majid Al Futtaim and MIDAR for Investment and Urban Development have entered into a strategic partnership to develop a mixed-use project in New Cairo, Egypt, with an initial estimated development value of $3.1bn.
The agreement, announced at the Egyptian Cabinet headquarters in the New Administrative Capital, aims to create a new urban destination within Mada City.
Senior government and business figures attended the ceremony, including Egypt’s Prime Minister Dr Mostafa Madbouly, Minister of Housing Randa El-Menshawy, Minister of Investment and Foreign Trade Dr Hassan El-Khatib and UAE Ambassador Hamad Obaid Al Zaabi.
Fadel Abdulbaqi Al Ali, chairman of Majid Al Futtaim, and Amir Sayed Ahmed, chairman of MIDAR, also took part in the event. Ahmed Galal Ismail, CEO of Majid Al Futtaim, and Ayman Elkousey, managing director and CEO of MIDAR, signed the agreement.
The development will cover approximately 553 feddans (2.32 million square metres). According to the work plan, the initial four years will focus on 200 feddans (840,000m²), with a further 300 feddans (1.26 million square metres) included in the second phase.
An additional 60 feddans (240,000m²) have been set aside for possible retail and entertainment facilities, to be developed in line with occupancy and demand. Including these areas, the project’s total value could exceed $4bn.
The master plan outlines an integrated urban community with around 6,000 residential units as well as business, entertainment, commercial and hotel facilities.
Both companies describe the project as contributing to sustainable economic and urban development in the region.
Ahmed Galal Ismail said: “Our strategic partnership with MIDAR marks a proud new chapter for Majid Al Futtaim in Egypt. By bringing our regional expertise in developing integrated, mixed-use communities to Mada City, we are creating an advanced urban model that places quality of life and sustainability at its core.
“Through this project, we aim to create meaningful economic value and reaffirm our confidence in the strength and resilience of the Egyptian market, and in its ability to support future destinations that meet the highest international standards.”
Ayman Elkousey said the partnership aims to strengthen Mada City’s appeal as an urban destination for regional investors by developing an integrated project spanning 553 feddans under a revenue-sharing model, with MIDAR’s expected future value exceeding E£40bn ($800.5m).
He highlighted that the partnership reflects the Egyptian state’s success in attracting both local and regional investment to its real estate sector.
Majid Al Futtaim’s assets in Egypt include Mall of Egypt, City Centre Alexandria, City Centre Almaza and City Centre Maadi, along with several Carrefour and Supeco stores and a range of leisure venues.
The company has also developed projects in the UAE, such as Mall of the Emirates and Ghaf Woods in Dubai.
