The Mada City project will feature residential, hotel, retail, and commercial spaces.
Dubai: Majid Al Futtaim has entered into a $3.1 billion strategic partnership with MIDAR for Investment and Urban Development to develop a large-scale mixed-use destination in Mada City, New Cairo. The project marks the Dubai-based group’s first residential development in Egypt.
The project spans approximately 553 feddans (about 2.32 million square metres) and will be developed in multiple phases. Its master plan includes around 6,000 residential units, along with hotel accommodations, commercial and entertainment spaces, and a dedicated business and services district.
The agreement broadens Majid Al Futtaim’s footprint in Egypt beyond malls, retail and leisure, marking its entry into large-scale residential community development in one of Cairo’s key urban expansion zones.
First homes push in Egypt
The initial phase of the project will span 200 feddans (around 840,000 square metres) and is scheduled to be delivered over the first four years from the start of construction. A second phase will cover 300 feddans (about 1.26 million square metres).
Around 60 feddans (approximately 240,000 square metres) have also been reserved for a potential integrated retail and entertainment hub. This portion will be developed in phases, depending on construction progress and occupancy levels within the residential communities, bringing the project’s total development value to over $4 billion.
The signing ceremony was held at the Egyptian Cabinet headquarters in the New Administrative Capital under the patronage of Prime Minister Mostafa Madbouly. The event was attended by senior officials from both Egypt and the UAE, 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, and Ayman Elkousey, Managing Director and Chief Executive Officer of MIDAR for Investment and Urban Development.
Mada City gains new investor
MIDAR for Investment and Urban Development said the partnership will operate under a revenue-sharing model, with MIDAR’s expected future value from the deal exceeding EGP 40 billion. The company added that the agreement aligns with its strategy of attracting major regional and global developers to Mada City.
Ayman Elkousey said the partnership strengthens Mada City’s position as an attractive urban destination for regional investors and reflects growing confidence in Egypt’s real estate sector. He added that the deal is part of a broader series of collaborations that have already brought billions of dollars in investment into the development, reinforcing its role as a regional urban and investment hub.
Majid Al Futtaim builds on Egypt base
Majid Al Futtaim has been operating in Egypt for 27 years and said it has invested around $2.8 billion in the country to date, generating 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, along with 115 Carrefour and Supeco stores, as well as cinemas, leisure and entertainment assets.
Ahmed Galal Ismail said the agreement marks a new phase for the company in Egypt.
“Our strategic partnership with MIDAR for Investment and Urban Development 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 aligns with the country’s broader development priorities.
“Through this project, we aim to generate meaningful economic value and reinforce our confidence in the strength and resilience of the Egyptian market, as well as its capacity to support future developments that meet the highest international standards,” he said.
