Majid Al Futtaim, a prominent company based in Dubai, has entered into a strategic alliance with Egypt’s Midar Investment and Urban Development Company to establish a significant mixed-use urban community in Mada City, located in New Cairo. This ambitious venture is set to commence with an initial development value exceeding $3.1 billion, with projections suggesting it could surpass $4 billion upon its full completion.
Under this partnership, Majid Al Futtaim will spearhead the development of a 2.3-square-kilometre integrated community. This development will encompass residential, commercial, retail, hospitality, and entertainment components. The project’s first phase, covering 840,000 square metres, is slated for completion over a four-year period and will introduce approximately 6,000 residential units, complemented by a business district and hotel facilities.
The subsequent phase of the project will extend its scope by an additional 1.26 square kilometres, incorporating a substantial shopping and entertainment hub. This expansion will be executed in alignment with the population growth and occupancy trends in the surrounding regions.
This development is anticipated to generate substantial long-term revenues and further solidify Egypt’s reputation as a pivotal destination for regional real estate investment. Majid Al Futtaim has maintained a significant presence in Egypt for the past 27 years, with established operations across several major retail and commercial assets within the country.
The agreement underscores the increasing interest of Gulf investors in Egypt’s property sector, with substantial projects continuing to attract billions of dollars in regional capital.