A new chapter in Egypt’s urban development story began this week as UAE-based Majid Al Futtaim joined forces with Egypt’s MIDAR for Investment and Urban Development to launch a large-scale project in New Cairo. The partnership, valued at $3.1 billion, is expected to bring a new mixed-use community to MADA City and further strengthen investment ties between Egypt and the UAE.
The agreement was announced during an event held at the Cabinet headquarters in Egypt’s New Administrative Capital in the presence of Prime Minister Dr. Mostafa Madbouly, senior government officials, and executives from both companies.
Large Urban Project Planned in MADA City
Under the agreement, MIDAR and Majid Al Futtaim will develop an integrated urban project within MADA City in New Cairo. The development will cover approximately 553 feddans and will be built according to international standards.
The project will include residential, commercial, hospitality, and entertainment components designed to create a modern urban destination. The companies said the development aims to support sustainable growth while offering a high-quality living and working environment.
MIDAR Chief Executive Officer and Managing Director Eng. Ayman ElKousey said the partnership strengthens MADA City’s position as a leading destination for regional investment. He added that the project will be developed under a revenue-sharing model and is expected to generate future returns exceeding EGP 40 billion for MIDAR.
Development to Begin with a 200-Feddan Phase
According to the announced plan, the first phase will cover around 200 feddans and is scheduled to be developed during the first four years of implementation.
The second phase will include the development of approximately 300 additional feddans. Around 60 feddans will also be allocated for a shopping and entertainment destination that will be developed gradually based on construction progress and occupancy levels in surrounding residential areas.
Officials said the project’s total development value could exceed $4 billion as later phases move forward.
Thousands of Residential Units Planned
The master plan includes around 6,000 residential units of different types. In addition to housing, the project will feature business and service areas, retail outlets, entertainment facilities, and hospitality offerings.
The goal is to create a fully integrated community that combines residential, commercial, and leisure facilities in one location while supporting economic and urban development in East Cairo.
Majid Al Futtaim Expands Its Presence in Egypt
Ahmed Galal Ismail, Chief Executive Officer of Majid Al Futtaim Holding, described the agreement as an important milestone for the company in Egypt.
He noted that the project marks the company’s first move into developing integrated mixed-use residential communities within MADA City. He added that Majid Al Futtaim intends to use its regional experience to create a development that prioritizes quality of life and sustainability.
According to Ismail, Majid Al Futtaim has invested approximately $2.8 billion in Egypt over the past 27 years and has contributed to the creation of more than 226,000 direct and indirect job opportunities.
The company already operates several major assets in Egypt, including Mall of Egypt, City Centre Almaza, City Centre Alexandria, and City Centre Maadi, alongside Carrefour and Supeco retail operations.
Supporting Egypt’s Vision for Future Growth
The new partnership reflects continued investor confidence in Egypt’s real estate market and long-term economic prospects. By bringing together residential neighborhoods, commercial facilities, retail destinations, and entertainment offerings, the project is expected to support Egypt’s urban development goals and contribute to the growth of New Cairo.
For both MIDAR and Majid Al Futtaim, the agreement represents a long-term commitment to creating a modern destination that aligns with Egypt’s Vision 2030 and the evolving needs of residents, businesses, and investors.
