Egypt’s Midar for Investment and Urban Development (Midar), the mastermind behind Mostakbal City and Mada in East Cairo, has partnered with UAE-based Majid Al Futtaim. The collaboration aims to develop a significant mixed-use project within the Mada destination.
The agreement was officially signed in the presence of Egyptian Prime Minister Mostafa Madbouly at the Cabinet headquarters in the New Administrative Capital. The project will span an area of 553ac and is expected to have a total development value exceeding $3.1bn.
Under a revenue-sharing model, the project is projected to generate substantial future returns for Midar. In a statement, Midar disclosed the project is expected to yield more than $800mn in future returns.
Under the agreement, the unnamed project will be developed in phases, with the first phase covering 200ac over the initial 4-years, followed by a second phase spanning around 300ac. An additional 60ac have been earmarked for a shopping, entertainment and leisure destination that will be developed in line with project occupancy levels and market demand.
According to the 2-companies, the inclusion of the retail and entertainment component could increase the overall development value beyond the currently estimated $3.1bn. The master plan includes 6,000 residential units alongside a business and services district, commercial facilities and hospitality assets.
The project forms part of Midar’s broader strategy to accelerate development within the Mada destination, which is being positioned as a major mixed-use urban centre in New Cairo.
Majid Al Futtaim said it has made significant contributions to Egypt over the past 27 years. Their investment amounts to $2.8bn, which has resulted in the creation of over 226,000 direct and indirect jobs.
The company’s Egyptian portfolio encompasses a range of retail and entertainment destinations, including Mall of Egypt, City Centre Almaza, City Centre Alexandria, and City Centre Maadi. Additionally, Majid Al Futtaim operates 115 Carrefour and Supeco retail outlets, providing customers with a wide variety of shopping options.
