Majid Al Futtaim has signed a partnership agreement with MIDAR for Investment and Urban Development to build a mixed-use community in Mada City, New Cairo, with a total development value of USD 3.1 billion. The deal, announced on 21 June at the Egyptian Cabinet headquarters in the New Administrative Capital, marks the group’s first residential development in Egypt.
The project will cover approximately 553 feddans, or 2.32 million square metres. The first phase targets 200 feddans over the initial four years, with a second phase adding a further 300 feddans. A separate 60-feddan plot has been set aside for a potential shopping and entertainment destination, to be activated in line with occupancy rates across the wider project. If that component proceeds, the company says total development value would exceed USD 4 billion.
The master plan includes around 6,000 residential units alongside a business district, commercial and entertainment facilities, and hotel accommodation.
“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,” Ahmed Galal Ismail, Chief Executive Officer of Majid Al Futtaim Holding said in a statement.
“This partnership builds on a 27-year legacy in Egypt, during which Majid Al Futtaim has invested approximately USD 2.8 billion and helped create more than 226,000 direct and indirect job opportunities. It reflects the trust we have built and our enduring commitment to the market, while supporting 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 added.
MIDAR CEO Ayman Elkousey said the deal was structured as a revenue-sharing arrangement, with an expected future value for MIDAR exceeding EGP 40 billion. He framed the agreement as evidence of growing regional investor confidence in Mada City and in Egypt’s real estate sector more broadly.
Majid Al Futtaim’s existing Egyptian portfolio includes Mall of Egypt, City Centre Almaza, City Centre Alexandria, City Centre Maadi, and 115 Carrefour and Supeco stores. The New Cairo project is its first move into Egyptian residential development.
The signing was witnessed by Egyptian Prime Minister Mostafa Madbouly, Minister of Housing Randa El-Menshawy, Minister of Investment Hassan El-Khatib, and the UAE Ambassador to Egypt, Hamad Obaid Al Zaabi.
