Majid Al Futtaim signs $3.1billion New Cairo development deal

Dubai: Majid Al Futtaim has signed a $3.1 billion strategic partnership with MIDAR for Investment and Urban Development to build a large mixed-use destination in Mada City, New Cairo, marking the Dubai-based group’s first residential development in Egypt.

The project will cover around 553 feddans, or 2.32 million square metres, and will be developed in phases. The master plan includes about 6,000 residential units, hotel units, commercial and entertainment facilities, and a business and services district.

The agreement expands Majid Al Futtaim’s presence in Egypt beyond malls, retail and leisure, taking the group into large-scale residential communities in one of Cairo’s major urban growth zones.

First homes push in Egypt

The first phase will cover 200 feddans, or 840,000 square metres, over the first four years from the start of implementation. A second phase will cover 300 feddans, or 1.26 million square metres.

Around 60 feddans, or 240,000 square metres, have also been earmarked for a possible integrated shopping and entertainment destination. This area will be allocated progressively based on the pace of development work and occupancy rates across the residential communities, taking the project’s total development value to more than $4 billion.

The signing took place at the Egyptian Cabinet headquarters in the New Administrative Capital under the patronage of Prime Minister Dr Mostafa Madbouly. The ceremony was attended by senior Egyptian and UAE officials, including Minister of Housing, Utilities and Urban Communities Randa El-Menshawy, Minister of Investment and Foreign Trade Hassan El-Khatib, and UAE Ambassador to Egypt Hamad Obaid Al Zaabi.

The agreement was signed by Ahmed Galal Ismail, Chief Executive Officer of Majid Al Futtaim Holding, and Ayman Elkousey, Managing Director and Chief Executive Officer of MIDAR.

Mada City gains new investor

MIDAR said the partnership will be carried out under a revenue-sharing model, with the expected future value for MIDAR exceeding EGP40 billion. The company said the deal supports its strategy of bringing large regional and global developers into Mada City.

Ayman Elkousey said the partnership reinforces Mada City’s position as an attractive urban destination for regional investors and reflects confidence in Egypt’s real estate market.

He said the deal forms part of a wider series of partnerships that have helped attract billions of dollars in investment into Mada City, strengthening its position as a regional urban and investment destination.

Majid Al Futtaim builds on Egypt base

Majid Al Futtaim has operated in Egypt for 27 years and said it has invested about $2.8 billion in the country, creating more than 226,000 direct and indirect jobs.

Its Egyptian portfolio includes Mall of Egypt, City Centre Almaza, City Centre Alexandria and City Centre Maadi, as well as 115 Carrefour and Supeco stores, cinemas, leisure and entertainment assets.

Ahmed Galal Ismail said the agreement represents a new phase for the company in Egypt.

“Our strategic partnership with MIDAR marks a proud new chapter for Majid Al Futtaim in Egypt. By bringing our regional expertise in developing integrated, mixed-use communities to Mada City, we are creating an advanced urban model that places quality of life and sustainability at its core,” he said.

He added that the project builds on the group’s long-standing investment in Egypt and supports the country’s development priorities.

“Through this project, we aim to create meaningful economic value and reaffirm our confidence in the strength and resilience of the Egyptian market, and in its ability to support future destinations that meet the highest international standards,” he said.