In a move set to reshape New Cairo’s landscape, Dubai-based Majid Al Futtaim has entered into a strategic alliance with Egypt’s Midar Investment and Urban Development Company. This collaboration aims to bring to life a mixed-use urban community within Mada City, New Cairo. The initial phase of this ambitious project is valued at over $3.1 billion and, once fully realized, could surpass $4 billion.
Majid Al Futtaim will spearhead the development of a sprawling 2.3-square-kilometre community, integrating residential, commercial, retail, hospitality, and entertainment spaces. The project’s first phase is poised to cover 840,000 square metres and is expected to be completed within four years. This phase will introduce approximately 6,000 residential units along with a business district and hotel accommodations.
Building upon the momentum of the initial development, the second phase will add an additional 1.26 square kilometres. This expansion will feature a substantial shopping and entertainment hub, designed to grow in tandem with the surrounding area’s population and occupancy rates.
The project is anticipated to generate considerable long-term revenues and bolster Egypt’s standing as a prime target for regional real estate investments. Over the past 27 years, Majid Al Futtaim has already made significant investments in Egypt, managing several major retail and commercial ventures throughout the nation.
This agreement underscores the increasing interest from Gulf investors in Egypt’s real estate market, as substantial projects continue to draw billions of dollars in regional investments.
