Egypt’s Prime Minister Moustafa Madbouli witnessed on Sunday the signing of a strategic partnership agreement between Midar Investment and Urban Development Company and Majid Al Futtaim to develop an integrated urban project in Mada City, New Cairo, with an initial development value exceeding $3.1 billion.
The step reflects the growing strength of Egyptian-Emirati private-sector cooperation and its contribution to Egypt’s real estate and investment sectors.
The signing ceremony, held at the Cabinet Headquarters in the New Administrative Capital, was attended by Minister of Housing, Utilities and Urban Communities Randa el-Menshawy, Minister of Investment and Foreign Trade Mohamed Farid, and UAE Ambassador to Egypt and Permanent Representative to the League of Arab States Hamad Obaid Al Zaabi.
“The project will be developed over approximately 553 acres in Mada City according to the highest international standards.
“The first phase will cover 200 acres during the initial four years, while the second phase will develop 300 acres.
“A further 60 acres will be allocated for an integrated retail and entertainment destination, bringing the total projected development value to more than $4 billion,” Cabinet Spokesman Ambassador Mohamed el-Homosani said in a statement.
He added that the master plan includes around 6,000 residential units, a fully integrated business and services district, commercial and entertainment facilities, and hotel units, creating a comprehensive urban destination that supports sustainable economic and urban growth.
Managing Director and CEO of Midar Ayman El-Koussy said the project would strengthen Mada City’s position as a leading destination for regional investment.
Implemented under a revenue-sharing model, the development is expected to generate returns exceeding LE40 billion for Midar.
He noted that the partnership reflects investor confidence in Egypt and builds on Midar’s successful track record of attracting major investments through strategic alliances, the spokesman said.
CEO of Majid Al Futtaim Holding Ahmed Galal Ismail described the agreement as a milestone for the company in Egypt, marking the integration of its regional expertise in mixed-use developments into Mada City.
He noted that the group has invested approximately $2.8 billion in Egypt over the past 27 years, creating more than 226,000 direct and indirect jobs, and reaffirmed its commitment to supporting Egypt’s Vision 2030 through future-focused developments, the spokesman concluded.
