PM witnesses $3.1B Midar, Majid Al Futtaim partnership for New Cairo Project

CAIRO - 21 June 2026:  Prime Minister Mostafa Madbouly has witnessed the signing of a strategic agreement between Midar for Investment and Urban Development and Majid Al Futtaim Holding to develop a major integrated urban destination in Mada City, New Cairo.

The project will have an initial development value of more than $3.1 billion, marking a significant Egyptian-Emirati private-sector partnership in the real estate and investment sectors. The signing ceremony was held at the Cabinet headquarters in the New Administrative Capital.

The agreement covers the development of approximately 553 feddans in Mada City, with plans to create a mixed-use destination built to international standards. The first phase will see the development of around 200 feddans over the first four years, while a further 300 feddans are scheduled for development during the second phase.

Around 60 feddans will also be allocated for a retail, leisure and entertainment destination. This component will be developed in stages, based on the progress of the residential areas and occupancy levels within the surrounding communities.

Once completed, the overall project value is expected to exceed $4 billion.

The master plan includes approximately 6,000 residential units, as well as business and service facilities, commercial spaces, leisure destinations and hospitality units. The development is expected to support sustainable urban expansion and create a modern destination for residents, businesses and investors.

Ayman El Qousi, Managing Director and CEO of Midar, said the agreement would further enhance Mada City’s position as a destination for regional investment.

He said the project will be developed under a revenue-sharing model, with anticipated future returns to Midar exceeding LE 40 billion.

Ahmed Galal Ismail, CEO of Majid Al Futtaim Holding, described the partnership as an important step in the company’s growth strategy in Egypt.

He said the agreement builds on Majid Al Futtaim’s 27-year presence in the Egyptian market, during which the company has invested around $2.8 billion and helped create more than 226,000 direct and indirect employment opportunities.