Madbouly says real estate sector supports broader industrial activity

CAIRO - 21 June 2026: Prime Minister Mostafa Madbouly said real estate development projects play a key role in supporting Egypt’s broader economic growth, industrial activity, and job creation, during remarks at a signing ceremony for a strategic partnership.

 

The comments came during a ceremony marking a partnership between Egyptian company Midar Investment and Urban Development and UAE-based Majid Al Futtaim to develop an integrated urban project in Mada City, New Cairo.

 

The project spans 553 feddans with investments exceeding $3.1 billion, according to official statements.

 

Madbouly said such projects reflect continued investor confidence in the Egyptian economy, noting that Egypt has become an important destination for regional and international investment.

 

He also referred to the recently launched second edition of the State Ownership Policy Document, which outlines the government’s economic role through 2030 and emphasizes increased private sector participation, particularly in real estate development.

 

The Prime Minister said the real estate sector is not limited to housing, but includes integrated urban development activities such as retail, hospitality, tourism, and entertainment, all of which contribute to broader economic activity.

 

Responding to criticism that the state places excessive focus on real estate projects, Madbouly said such developments are linked to a wide range of industries, including construction, manufacturing, food production, and retail.

 

He said large-scale urban projects typically involve around 90 to 95 different industries, supporting thousands of factories that supply materials and services during construction and operation phases.

 

Madbouly added that the economic impact extends beyond project completion, as commercial and service activities continue to generate employment and support additional sectors.

 

He stressed that the government continues to support partnerships between Egyptian and foreign private sector companies, particularly with partners from the UAE and other countries, citing their role in attracting investment, creating jobs, and supporting long-term economic development.