Majid Al Futtaim to invest $3.1bn in New Cairo mixed‑use development

Majid Al Futtaim Holding and MIDAR for Investment and Urban Development have signed a strategic partnership to develop an integrated urban project in MADA City, New Cairo. The agreement, announced at a press conference in the New Administrative Capital and attended by Prime Minister Mostafa Madbouly, sets the development value at $3.1 billion, with the total project potentially exceeding $4 billion. The mixed‑use community will cover 553 feddans (about 2.32 million m²) and will be built in phases – 200 feddans in the first four years followed by an additional 300 feddans. Plans include roughly 6,000 residential units and a range of commercial, office, hospitality, entertainment and community facilities, aiming to create a self‑sustaining urban destination. Ahmed Galal Ismail, CEO of Majid Al Futtaim Holding, said the project “aims to create meaningful economic value and reaffirm our confidence in the strength and resilience of the Egyptian market.” Majid Al Futtaim, which has already invested about $2.8 billion in Egypt and created over 226,000 jobs, marks its first major entry into residential real estate in the country with this venture.