Majid Al Futtaim, a prominent company based in Dubai, has entered into a strategic collaboration with Egypt’s Midar Investment and Urban Development Company to embark on a significant urban development project in New Cairo’s Mada City. This ambitious mixed-use community is set to have an initial development value surpassing $3.1 billion, with potential to grow beyond $4 billion upon full realization.
The development plan includes a 2.3-square-kilometre integrated community, which will feature a combination of residential, commercial, retail, hospitality, and entertainment offerings. The initial phase is projected to cover 840,000 square metres over a four-year span, including the construction of approximately 6,000 residential units, a business district, and hotel amenities. Following this, the second phase is anticipated to extend the community by an additional 1.26 square kilometres, introducing a substantial shopping and entertainment hub tailored to meet the demands of population growth and occupancy in the neighboring areas.
This venture is predicted to yield substantial long-term revenue streams and reinforce Egypt’s stature as a prime location for regional real estate investments. Majid Al Futtaim, which has been a significant player in Egypt’s economic landscape for the past 27 years, already operates several major retail and commercial properties across the nation.
The agreement is indicative of a broader trend of increasing Gulf investment in Egypt’s real estate market. Such large-scale projects continue to draw billions in regional capital, further boosting the country’s economic prospects and development potential.