Dubai-based conglomerate Majid Al Futtaim has embarked on a significant partnership with Midar Investment and Urban Development Company of Egypt to create a substantial mixed-use urban development in New Cairo’s Mada City. This ambitious project is set to have an initial development value exceeding $3.1 billion, with potential growth to over $4 billion upon full realization.
Spanning 2.3 square kilometers, the development will integrate residential, commercial, retail, hospitality, and entertainment elements. The project’s first phase, covering 840,000 square meters, is anticipated to conclude within four years. This phase will introduce approximately 6,000 residential units, along with a business district and hotel infrastructure.
The second phase of the project plans to extend by an additional 1.26 square kilometers. This expansion will feature a large shopping and entertainment hub, strategically developed to align with the area’s growing population and occupancy levels. The initiative is poised to generate substantial long-term revenues, bolstering Egypt’s status as a pivotal location for regional real estate investment.
Majid Al Futtaim has a history of significant investment in Egypt over the past 27 years, with several major retail and commercial enterprises already operating across the nation. This new development marks a continuation of the company’s commitment to the region and reflects the increasing trend of Gulf investments in Egypt’s property market.
With major projects drawing billions in regional capital, this partnership underscores the burgeoning interest and financial influx from Gulf investors into Egypt’s real estate sector, promising to enhance the country’s economic landscape and investment appeal.