Dubai-based Majid Al Futtaim has entered into a strategic alliance with Egypt’s Midar Investment and Urban Development Company to create a substantial mixed-use development in Mada City, New Cairo. The initial phase of the project is valued at over $3.1 billion, with the potential to surpass $4 billion upon full completion. The collaboration highlights the increasing Gulf investment in Egypt’s real estate sector, drawing significant regional capital.
This ambitious project will see Majid Al Futtaim develop an integrated community spanning 2.3 square kilometers. It will encompass residential, commercial, retail, hospitality, and entertainment facilities. The first phase, covering 840,000 square meters, aims to deliver approximately 6,000 residential units, along with business and hotel amenities, within four years.
Following the completion of the first phase, the project will expand by an additional 1.26 square kilometers. This phase will introduce a significant shopping and entertainment hub, designed to accommodate the area’s population growth and rising occupancy rates. Such developments are expected to bolster Egypt’s standing as a prominent destination for regional real estate investments.
Majid Al Futtaim, a firm with a robust investment history in Egypt spanning 27 years, already operates several key retail and commercial properties across the nation. This new venture is anticipated to generate substantial long-term revenue, further cementing its commitment to the Egyptian market.