In a major event witnessed by H.E Prime Minister Dr. Mostafa Madbouly, at the Cabinet Headquarters in the New Capital, and within the framework of a real estate and investment partnership between the Egyptian and Emirati private sectors, MIDAR for Investment and Urban Development, the master developer of “Mostakbal City” and “MADA” in New Cairo, announced the signing of a strategic partnership with Majid Al Futtaim to develop an integrated urban project within “MADA” City in New Cairo, with a total development value of USD 3.1 billion. This step represents a major added value to the Egyptian real estate and investment market.

This took place during the press conference held at the Cabinet headquarters in the New Capital, to announce the new project, in the presence of Prime Minister Dr. Mostafa Madbouly, with the participation of Eng. Randa El-Menshawy, Minister of Housing, Utilities and Urban Communities; Dr. Mohamed Farid Saleh, Minister of Investment and Foreign Trade; H.E. Ambassador Hamad Obaid Al-Zaabi, Ambassador of the United Arab Emirates to Egypt and Permanent Delegate to the Arab League; and Mr. Ahmed Sabour, Member of the Egyptian Senate and Chairman of the Board of Directors and Managing Director of “Al Ahly Sabbour for Real Estate Developments”.

The project launch event was also attended by Major General Eng. Amir Sayed Ahmed, Advisor to H.E. the President of the Republic for Urban Planning and Chairman of MIDAR for Investment and Urban Development, Eng. Ayman ElKousey, CEO & Managing Director of MIDAR, Mr. Fadel Abdulbaqi Al Ali, Chairman of Majid Al Futtaim Holding, and Mr. Ahmed Galal Ismail, Chief Executive Officer of Majid Al Futtaim Holding, alongside a wide participation of representatives from various media outlets.

For his part, Eng. Ayman ElKousey, CEO & Managing Director of MIDAR for Investment and Urban Development, stated that the new partnership with Majid Al Futtaim further strengthens the position of MADA City as a leading urban destination for regional investors. He highlighted that the partnership includes the development of an integrated urban project spanning 553 feddans under a revenue-sharing model, generating future returns exceeding EGP 40 billion for MIDAR, while adhering to the highest standards of sustainable urban development. He emphasized MIDAR’s commitment to partnering with the most distinguished strategic partners, particularly in light of Majid Al Futtaim’s distinguished track record of globally recognized efficiency and quality.

ElKousey emphasized that the new partnership reflects the success of the Egyptian state in attracting local and regional investments into Egypt’s real estate sector, while highlighting the confidence of leading investors in the Egyptian market. He added that the continued regional and international interest in investing within MADA City confirms the success achieved by MIDAR as a master developer of integrated cities, as well as its ability to establish strategic partnerships with leading regional and international companies.

He further added that this partnership represents an extension of a series of successful strategic collaborations concluded by MIDAR within MADA City, which have contributed to attracting investments worth billions of dollars. These partnerships reinforce the city’s position as a leading investment and urban destination in the region, supporting Egypt’s urban and economic development efforts in Egypt, particularly in East Cairo, while maximizing the investment value of the area.

Commenting on the new partnership, Ahmed Galal Ismail, Chief Executive Officer of Majid Al Futtaim Holding Company, stated: “Our strategic partnership with MIDAR represents a significant milestone in Majid Al Futtaim’s journey in Egypt. For the first time, we are integrating our regional expertise in developing integrated mixed-use residential communities within MADA City, to deliver an advanced urban model that places quality of life and sustainability at the forefront.”

He added: “This partnership is an extension of a 27-year journey, during which Majid Al Futtaim has invested approximately USD 2.8 billion in the Egyptian market, contributing to the creation of more than 226,000 direct and indirect job opportunities. Building on this solid legacy of trust and commitment to implementing our future investment plans in the Egyptian market, we continue today to strengthen our presence, reflecting our unwavering commitment to the state’s development vision. Through this project, we aim to deliver real added value that supports the economic growth, reaffirming our continued confidence in the resilience of the Egyptian market and its capacity to accommodate future destinations with global standards.”

Under the partnership agreement, which includes the implementation of an integrated urban project within MADA City in New Cairo on a total area of approximately 553 feddan, according to the highest international quality standards.

The first phase of the work plan targets the development of 200 feddan within the first four years of implementation, reflecting the partners’ commitment to accelerating progress and moving the project directly into actual execution, while adhering to the defined development timelines.

The second phase will include the development of approximately 300 feddans, in addition to around 60 feddans allocated for the establishment of an integrated shopping and entertainment destination. This area will be developed gradually based on the progress of construction activities and occupancy rates within the targeted residential communities surrounding the project. This raises the total development value of the project to more than USD 4 billion.

The project’s master plan also includes the implementation of approximately 6,000 diverse residential units, alongside an integrated business and services area, commercial and entertainment facilities, and hospitality components. The project aims to create a fully integrated urban destination that supports sustainable economic and urban development while providing a modern living and working environment that meets the needs of both residents and investors.

Since entering the Egyptian market, Majid Al Futtaim has successfully established itself as one of the most prominent and sustainable foreign direct investors in Egypt, with a distinguished track record of successes through landmark destinations that have shaped the retail and real estate development landscape in Egypt, foremost among them “Mall of Egypt”, “City Centre Almaza”, in addition to “City Centre Alexandria”, “City Centre Maadi”. The company also operates 115 retail stores, including “Carrefour” and “Supeco”, along with numerous entertainment and leisure activities, and cinema complexes, in addition to its major regional projects such as “Mall of the Emirates” and the “Tilal Al Ghaf” residential project in Dubai.

The launch of these new projects represents an extension of this successful legacy, reaffirming Majid Al Futtaim’s continued confidence in the potential of the Egyptian market and its firm commitment to developing future-oriented destinations that align with Egypt’s economic and urban development priorities, in accordance with Egypt’s Vision 2030.