Dubai developer Majid Al Futtaim has agreed a strategic partnership with MIDAR for Investment and Urban Development to build a massive new mixed-use project in Egypt. The development value for the scheme sits at 3.1 billion US dollars and will form a key part of Mada City in New Cairo. The move marks a major shift for the retail and mall giant as it enters the Egyptian residential market for the first time.

The official signing ceremony took place at the Egyptian Cabinet headquarters in the New Administrative Capital. The event was held under the patronage of Egyptian Prime Minister Dr. Mostafa Madbouly and was attended by several senior government ministers and diplomats from Egypt and the UAE.

The vast site covers roughly 553 feddans, which is about 2.32 million square metres. Initial construction works will target 200 feddans during the first four years. The second phase will take up 300 feddans. An extra 60 feddans has been set aside for a potential integrated retail and leisure destination. Officials noted this retail space will be built progressively based on local occupancy rates, which could eventually lift the total project value beyond 4 billion dollars.

The complete master plan will feature approximately 6,000 homes. It also includes a dedicated business district, entertainment facilities, hotels and service zones to build a self-sustaining urban community.

Commenting on the new partnership, Ahmed Galal Ismail, Chief Executive Officer of Majid Al Futtaim Holding, 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.”

He added: “This partnership builds on a 27-year legacy in Egypt, during which Majid Al Futtaim has invested approximately USD 2.8 billion and helped create more than 226,000 direct and indirect job opportunities. It reflects the trust we have built and our enduring commitment to the market, while supporting the country’s development priorities. Through this project, we aim to create meaningful economic value and reaffirm our confidence in the strength and resilience of the Egyptian market, and in its ability to support future destinations that meet the highest international standards.”

Eng. Ayman Elkousey, Managing Director and Chief Executive Officer of MIDAR for Investment and Urban Development, stated that the new partnership with Majid Al Futtaim reinforces the position of Mada City as an attractive urban destination for regional investors, through the implementation of an integrated urban project across 553 feddans under a revenue‑sharing model, with an expected future value for MIDAR exceeding EGP 40 billion. This achieves the highest standards of sustainable urban development, affirming MIDAR’s keenness to select the best strategic partners, particularly in light of Majid Al Futtaim’s distinguished track record, renowned for efficiency and global quality.

Elkousey affirmed that the new partnership underscores the Egyptian state’s success in attracting local and regional investment to the real estate sector and reflects major investors’ confidence in the Egyptian market. He added that the continued international and regional interest in investing in Mada City confirms MIDAR’s success as a master developer of integrated cities and its ability to forge strategic partnerships with leading regional and global companies.

He further added that this partnership is an extension of a series of successful strategic partnerships concluded by MIDAR within Mada City, which have helped attract billions of dollars in investment, reinforcing the city’s position as a leading investment and urban destination at the regional level. This supports urban and economic development efforts in Egypt, particularly in eastern Cairo, and maximises the area’s investment value.

Majid Al Futtaim already operates several large retail assets in the country, including Mall of Egypt and City Centre Almaza. The company also runs 115 Carrefour and Supeco stores across Egypt alongside regional projects like Mall of the Emirates in Dubai.