Majid Al Futtaim and Midar team up for $3bn project in Egypt

Majid Al Futtaim has partnered with Egypt’s Midar for Investment and Urban Development to build a mixed-use development in Mada City, New Cairo.

The 2.32 million square metre project has a total development value of $3.1 billion, the Dubai-based conglomerate said in a statement.

The smart city in the heart of New Cairo will house 500,000 people, according to its website.

The master plan includes an integrated urban community with 6,000 residential units, a business and services district, commercial and entertainment facilities and hotel units.

The opening phase of the project targets the development of 840,000 sq m in the first four years from the start of work, while the second phase comprises 1.26 million sq m.

A further 240,000 sq m has been allocated for the potential development of a shopping and entertainment destination, which depends on the pace of works and occupancy rates across the residential communities. The project will increase total development value to more than $4 billion.

Majid Al Futtaim has invested nearly $2.8 billion in Egypt and generated more than 226,000 direct and indirect jobs in the country over the past 27 years, its CEO Ahmed Galal Ismail said.

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The company’s assets in Egypt include Mall of Egypt, City Center Almaza, City Center Alexandria and City Center Maadi, 115 Carrefour and Supeco stores, cinemas and a number of leisure and entertainment venues.

In March, Majid Al Futtaim said net profit increased by 41 percent year on year to AED3.6 billion ($980 million) in 2025, driven by a 6 percent annual rise in revenues to AED36 billion.

Total assets stood at AED71 billion, it said.