Majid Al Futtaim, a prominent Dubai-based company, has entered into a strategic partnership with Egypt’s Midar Investment and Urban Development Company to embark on a significant urban development project in New Cairo’s Mada City. The ambitious mixed-use community project is initially valued at over $3.1 billion, with projections suggesting a total investment of more than $4 billion upon completion. This development underscores the growing trend of Gulf investments in Egypt’s real estate sector, as regional investors continue to seek lucrative opportunities.
The agreement outlines Majid Al Futtaim’s plans to create a sprawling 2.3-square-kilometer integrated community that will encompass residential, commercial, retail, hospitality, and entertainment facilities. The project’s first phase, covering 840,000 square meters, is slated for completion within four years. This phase will feature approximately 6,000 residential units, a business district, and hotel accommodations, marking a significant step in the area’s urban transformation.
Following the initial phase, the development will extend by an additional 1.26 square kilometers, incorporating a major shopping and entertainment hub designed to cater to the region’s growing population and increasing occupancy rates. The expansion aims to meet the demands of a thriving community, providing a comprehensive lifestyle destination that blends modern conveniences with cultural attractions.
Majid Al Futtaim’s latest venture is expected to generate substantial long-term revenues, reinforcing Egypt’s appeal as a prime location for real estate investments across the region. Known for its robust portfolio, Majid Al Futtaim has been a substantial player in Egypt for the past 27 years, operating several key retail and commercial assets nationwide. This new project is poised to further solidify its market presence and contribute to Egypt’s economic growth.