Majid Al Futtaim Launches $3.1B Residential Project in New Cairo
Gulf News
Majid Al Futtaim partners with MIDAR to develop a $3.1B mixed-use community in New Cairo, marking its first residential project in Egypt.
Majid Al Futtaim Invests $3.1 Billion in New Cairo Residential Development
Dubai-based Majid Al Futtaim has entered a significant strategic partnership with MIDAR for Investment and Urban Development to develop a landmark mixed-use project in Mada City, New Cairo. Valued at $3.1 billion, this marks Majid Al Futtaim’s inaugural residential venture in Egypt.
Large-Scale Master Plan Covering Over 2 Million Sq Metres
The project will span approximately 553 feddans (2.32 million square metres) and will be delivered in phases. The master plan envisions around 6,000 residential units alongside hotels, commercial and entertainment venues, and a business and services district, positioning Mada City as one of Cairo’s key urban growth hubs.
The initial phase will develop 200 feddans (840,000 sqm) over four years, followed by a second phase covering 300 feddans (1.26 million sqm). Additionally, around 60 feddans (240,000 sqm) have been set aside for an integrated shopping and entertainment destination, potentially increasing the total development value beyond $4 billion based on the pace of occupancy and construction.
Strategic Expansion for Majid Al Futtaim in Egypt
This partnership broadens Majid Al Futtaim’s footprint in Egypt from its existing malls, retail, and leisure assets into large-scale residential community development. Majid Al Futtaim has been active in Egypt for 27 years, investing about $2.8 billion and generating over 226,000 direct and indirect jobs.
Its portfolio includes notable properties like Mall of Egypt, City Centre Almaza, City Centre Alexandria, City Centre Maadi, along with 115 Carrefour and Supeco stores, cinemas, and entertainment facilities.
Official Signing Ceremony and Leadership Statements
The deal was signed at the Egyptian Cabinet headquarters in the New Administrative Capital under Prime Minister Dr Mostafa Madbouly's patronage, with attendance from senior Egyptian and UAE officials.
Majid Al Futtaim Holding CEO Ahmed Galal Ismail said, "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."
MIDAR Managing Director Ayman Elkousey highlighted that the partnership strengthens Mada City as a regional urban and investment destination. The anticipated value for MIDAR is expected to exceed EGP 40 billion under a revenue-sharing model.
Implications for Real Estate Agents
This substantial development signals growing demand for mixed-use communities in Egypt's expanding urban areas, with international developers increasingly investing in the market. Agents should monitor the opportunities arising from Mada City's phased rollout, which could attract end-users and investors seeking quality residential and commercial spaces supported by strong infrastructure and lifestyle amenities.
Based on reporting from Gulf News. Summary and analysis by Propilot AI.
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