Under the Auspices of Egypt”s Prime Minister: MIDAR and Majid Al Futtaim Ink $3.1 Billion Partnership for Mega Urban Project in ”Mada” City
In a landmark move for the Egyptian real estate sector, H.E. Dr. Mostafa Madbouly, Egypt’s Prime Minister, witnessed the signing of a massive strategic partnership between MIDAR for Investment and Urban Development and Majid Al Futtaim. The agreement paves the way for the development of a state-of-the-art, integrated urban community within "Mada" city in New Cairo, boasting an initial developmental value exceeding $3.1 billion.
The partnership agreement was signed by Ahmed Galal Ismail, CEO of Majid Al Futtaim Holding, and Eng. Ayman El Kousey, Managing Director and CEO of MIDAR. The mega-project will span approximately 553 feddans, reflecting a powerful alliance between the Egyptian and Emirati private sectors.
Key Financial and Development Highlights:
Revenue Sharing: The project operates on a revenue-sharing model, with future returns for MIDAR projected to surpass EGP 40 billion.
Phased Execution: The first phase targets the accelerated development of 200 feddans within the first four years. The second phase will cover 300 feddans.
Commercial Expansion: An additional 60 feddans are earmarked for a premier shopping and entertainment destination, which will incrementally push the total project value beyond the $4 billion mark.
Eng. Ayman El Kousey emphasized that partnering with a global powerhouse like Majid Al Futtaim cements "Mada" city’s position as a magnet for premier regional investments. He noted that the influx of international interest in "Mada" is a testament to MIDAR’s success as a master developer of fully integrated cities and its ability to maximize the investment value of East Cairo.