MIDAR for Investment and Urban Development, the Master Developer of “Mostakbal City” and “MADA” in East Cairo, signed a partnership agreement with Emaar Misr to develop the first integrated residential project in “MADA”, East Cairo, with a current contract value of approximately LE14 billion.
The announcement was made during a conference organised by MIDAR in Mostakbal City, to mark the signing of the new agreement.
The event was attended by Eng. Ayman ElKousey, CEO & Managing Director of MIDAR; Mohamed Alabbar, Founder and Chairman of Emaar Properties; Eng. Mostafa El Kady, CEO of Emaar Misr; and a wide range of media representatives.
The new contract aims to develop a 500-acre land plot in “MADA”, located along MIDAR Road, under a revenue-sharing model.
This marks the first partnership of its kind between MIDAR and Emaar Misr, with future investments expected to reach LE100 billion and millions of dollars as an upfront payment.
Eng. Ayman ElKousey, CEO and Managing Director of MIDAR, welcomed the new partnership with Emaar Misr, highlighting its long-standing expertise in urban development both in Egypt and internationally.
He emphasised that this collaboration aligns with MIDAR’s strategy of selecting top strategic partners in the real estate market. Elkousey noted that MIDAR’s first contract in “MADA” reinforces its success in transforming its land portfolio into a distinguished investment destination.
He added that the partnership with Emaar Misr would deliver a groundbreaking model for integrated urban communities, featuring recreational, educational, healthcare, and commercial services.
Mohamed Alabbar, Founder and Chairman of Emaar Properties, expressed his enthusiasm for collaborating with MIDAR, stating, “We are proud to announce this landmark project, which reflects our optimistic vision for significant investment opportunities in the Egyptian market and our commitment to innovative and sustainable urban development.
This project will be a strong addition to the Egyptian real estate market, setting a benchmark for modern, integrated communities that meet customers’ aspirations for a unique living experience.”
He added, “This co-operation underscores our confidence in the future of Egypt’s real estate sector, which is one of the most promising markets in the region and a key driver for foreign investments.” Alabbar reaffirmed Emaar Misr’s pride in its presence and major successes in the Egyptian real estate market, reiterating its commitment to delivering integrated residential projects that enhance quality of life and meet market demands.
Alabbar continued, “We aim to be partners in Egypt’s urban development, particularly in infrastructure and new urban areas, by offering real estate projects characterised by innovative architectural designs and the highest quality standards.
Emaar is committed to environmental sustainability in all its projects, utilising smart and eco-friendly technologies and dedicating vast green spaces. We also ensure the provision of all necessary services to offer residents a modern and integrated living experience.”
“MADA” is MIDAR’s newest city and one of Egypt’s fifth-generation cities. Strategically located in East Cairo, near the New Administrative Capital and Cairo International Airport, it is surrounded by key transportation routes, including Al Amal Axis, Cairo-Suez Road, Regional Road, and the Middle Ring Road.
