Majid Al Futtaim, a company based in Dubai, has formed a strategic alliance with Egypt’s Midar Investment and Urban Development Company to embark on the development of a large-scale mixed-use urban community in Mada City, New Cairo. This ambitious project, initially valued at over $3.1 billion, has the potential to surpass $4 billion upon its full completion. Under the terms of the agreement, Majid Al Futtaim will oversee the construction of a 2.3-square-kilometre integrated community, which will encompass residential, commercial, retail, hospitality, and entertainment facilities.
The first phase of the project is slated to cover 840,000 square metres and is expected to be completed over a four-year period. This initial phase will include the development of approximately 6,000 residential units, in addition to a business district and hotel facilities, setting the stage for a vibrant urban environment. The subsequent phase will further extend the project by an additional 1.26 square kilometres, featuring a significant shopping and entertainment hub designed to accommodate the growing population and occupancy levels in the nearby areas.
This extensive development is anticipated to bring substantial long-term revenue streams and bolster Egypt’s reputation as a prime location for regional real estate investment. Majid Al Futtaim, which has a 27-year history of substantial investment in Egypt, already manages several prominent retail and commercial ventures throughout the country. This latest project underscores the company’s commitment to expanding its footprint in the Egyptian market.
The agreement highlights the increasing trend of Gulf investment in Egypt’s property sector, with large-scale projects consistently drawing billions in regional capital. This development is poised to attract further attention and investment, reinforcing the country’s standing as a key player in the regional real estate landscape and offering promising opportunities for economic growth and urban development.