In a move that underscores the growing interest of Gulf investors in Egypt’s real estate market, Dubai’s Majid Al Futtaim has entered into a significant partnership with Egypt’s Midar Investment and Urban Development Company. This collaboration aims to bring to life a sprawling mixed-use urban community in Mada City, New Cairo, with an initial development value projected at over $3.1 billion. The comprehensive project has the potential to exceed $4 billion upon its full completion, marking a substantial investment in the region’s development.
Majid Al Futtaim’s ambitious plan involves transforming a 2.3-square-kilometre area into an integrated community featuring a blend of residential, commercial, retail, hospitality, and entertainment facilities. The first phase is set to cover 840,000 square metres and is anticipated to be completed within four years. This phase will introduce approximately 6,000 residential units, complemented by a business district and hotel amenities, catering to a diverse range of needs within the community.
Following the initial phase, the project will expand further with an additional 1.26 square kilometres earmarked for development. This second phase will focus on establishing a major shopping and entertainment hub, designed to align with the anticipated population growth and occupancy demands in the surrounding areas. Such a development is expected to generate substantial long-term revenues and bolster Egypt’s standing as a prime destination for regional real estate investment.
Majid Al Futtaim has a longstanding presence in Egypt, having invested heavily in the country over the past 27 years. The company already manages several prominent retail and commercial properties across Egypt, demonstrating its commitment to strengthening its footprint in the region. The agreement with Midar Investment is yet another testament to the increasing inflow of Gulf capital into Egypt’s property sector, highlighting the sustained investor confidence in the country’s economic prospects.