Majid Al Futtaim, a prominent company based in Dubai, has entered into a significant strategic alliance with Egypt’s Midar Investment and Urban Development Company. Together, they plan to create a vast mixed-use urban community within Mada City, New Cairo. This ambitious project begins with an initial development valuation exceeding $3.1 billion, with the potential to surpass $4 billion upon its full completion.
The development agreement involves Majid Al Futtaim’s undertaking of a 2.3-square-kilometer integrated community. This area will encompass various components such as residential, commercial, retail, hospitality, and entertainment sectors. The initial phase, set to cover 840,000 square meters, aims for completion within four years. It will feature approximately 6,000 residential units in addition to a business district and hotel amenities.
Following this, the second phase will expand the development by another 1.26 square kilometers. This phase is set to introduce a large shopping and entertainment hub, designed to align with the area’s population growth and occupancy rates. Collectively, the project is anticipated to generate substantial long-term revenue, bolstering Egypt’s standing as a pivotal hub for regional real estate investments.
Majid Al Futtaim has a well-established presence in Egypt, having invested significantly over the past 27 years. The company currently operates numerous major retail and commercial properties throughout the country. This latest venture underscores the increasing trend of Gulf investment in Egypt’s property market, with large-scale projects continuously drawing billions of dollars in regional capital.