In a significant move for the real estate sector, Dubai’s Majid Al Futtaim has entered into a strategic alliance with Egypt’s Midar Investment and Urban Development Company to create an expansive mixed-use urban development in Mada City, New Cairo. With an initial development value exceeding $3.1 billion, the project’s full completion could see this figure surpass $4 billion. This ambitious endeavor underscores the growing Gulf investment in Egypt’s property market, further enhancing the nation’s appeal as a prime location for regional real estate ventures.
The planned community will cover 2.3 square kilometers and integrate residential, commercial, retail, hospitality, and entertainment elements. The first phase, set to span 840,000 square meters, is projected to be finalized within four years. This phase will include approximately 6,000 residential units, a business district, and hotel accommodations, laying the groundwork for a vibrant urban environment.
Following the initial phase, the development will extend by an additional 1.26 square kilometers. This expansion will feature a major shopping and entertainment hub, strategically aligned with the anticipated population growth and increased occupancy rates in the vicinity. This comprehensive approach aims to generate substantial long-term revenue, reinforcing Egypt’s position as a central hub for real estate investment in the region.
Majid Al Futtaim, a prominent investor in Egypt over the past 27 years, already boasts several significant retail and commercial properties across the country. This new partnership with Midar Investment and Urban Development Company exemplifies the company’s commitment to fostering innovative urban landscapes and bolstering economic growth.
As the project progresses, it highlights the ongoing trend of substantial Gulf capital flowing into Egypt’s real estate market. Large-scale projects continue to attract billions in regional investment, reflecting confidence in the country’s potential and its strategic importance in the broader Middle Eastern property sector.