Majid Al Futtaim signs $3.1 billion New Cairo development with Egypt's MIDAR

Majid Al Futtaim, the Dubai‑based retail group, and Egypt’s MIDAR Investment and Urban Development Company signed a strategic partnership to build a USD 3.1 billion mixed‑use project in Mada City, New Cairo. The agreement, witnessed by Egyptian Prime Minister Mostafa Madbouly and UAE Ambassador Hamad Al Zaabi, outlines a revenue‑sharing model in which Majid Al Futtaim will co‑develop about 2.3 km² (553 feddans) over several phases. The first phase will deliver roughly 6,000 residential units together with a business district, retail, hospitality and hotel components.

MIDAR projects future revenues of more than EGP 40 billion, while senior officials estimate the development could generate between EGP 200 billion and EGP 250 billion over 15‑20 years and create employment for hundreds of thousands of Egyptians across construction, manufacturing, services and related industries. The deal is presented as part of a broader UAE‑Egypt investment relationship, highlighting the Gulf’s growing interest in Egypt’s real‑estate market and the strategic aim of stimulating long‑term economic activity.

The partnership signals Majid Al Futtaim’s first foray into residential development in Egypt, expanding its portfolio beyond its established City Centre malls and positioning the firm within a high‑specification urban market that caters to Egypt’s upper‑middle‑class population.