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Prime Minister witnesses $3.1 billion Midar and Majid Al Futtaim partnership for New Cairo project
via Egypt Today1 min read
Prime Minister Mostafa Madbouly witnessed the signing of a strategic agreement between Midar for Investment and Urban Development and Majid Al Futtaim Holding. This partnership aims to develop a major integrated urban destination in Mada City, New Cairo, with an initial development value exceeding $3.1 billion. The project, covering approximately 553 feddans, will create a mixed-use destination including around 6,000 residential units, business and service facilities, commercial spaces, leisure destinations, and hospitality units. The first phase will develop about 200 feddans over four years, with a second phase developing an additional 300 feddans. Approximately 60 feddans are allocated for retail, leisure, and entertainment. The overall project value is expected to exceed $4 billion upon completion. Ayman El Qousi, Managing Director and CEO of Midar, stated that the project will operate under a revenue-sharing model, with anticipated future returns to Midar exceeding LE 40 billion. Ahmed Galal Ismail, CEO of Majid Al Futtaim Holding, highlighted the partnership as a key step in the company's growth strategy in Egypt, building on its 27-year presence and approximately $2.8 billion investment in the Egyptian market.
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This summary was AI-generated from a story originally published by Egypt Today.
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