Photo courtesy of Egypt's cabinet
The agreement, signed in the presence of Prime Minister Mostafa Madbouly at the cabinet headquarters in the New Administrative Capital on Sunday, covers the development of about 553 acres within Mada City, one of Midar's flagship urban developments in eastern Cairo.
The first phase of the project will involve the development of around 200 acres over the next four years, while a second phase will cover about 300 acres.
An additional 60 acres have been earmarked for a retail and entertainment destination, to be developed in line with occupancy rates and project progress, a cabinet statement said.
The project's total development value could exceed $4 billion once all phases are completed, the statement added.
The master plan includes around 6,000 residential units, business and service facilities, commercial and entertainment areas, and hotel components, creating what the statement described as an integrated urban destination.
Midar CEO Ayman El-Koussy said the project would be developed under a revenue-sharing model and is expected to generate more than EGP 40 billion ($810 million) in future returns for the company.
The agreement marks Majid Al Futtaim's first integrated residential community development in Egypt, expanding beyond its existing retail, entertainment and mixed-use investments in the country.
Majid Al Futtaim has invested about $2.8 billion in Egypt since entering the market 27 years ago, CEO Ahmed Galal Ismail.
Its Egyptian portfolio includes Mall of Egypt, City Centre Almaza, City Centre Alexandria, and City Centre Maadi, as well as Carrefour stores and entertainment assets.
The deal comes as Egypt seeks to attract more investment, including Gulf investors, into its real estate sector and large-scale urban developments, particularly in eastern Cairo and the New Administrative Capital.
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