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Egypt-based Midar and UAE developer Majid Al Futtaim have entered into a strategic partnership to develop a large-scale mixed-use project in Cairo with an investment of USD 3.1 billion. The development will span 553 feddans, or about 574 acres, and include residential, commercial and tourism components. According to Midar, the project is expected to generate between 200 billion and 250 billion Egyptian pounds in revenue over the next 15 to 20 years. The agreement reflects continued investor confidence in Egypt’s urban development sector and the growing role of regional partnerships in large-scale real estate projects.
Egyptian urban developer Midar and UAE-based Majid Al Futtaim have signed a partnership agreement for a USD 3.1 billion mixed-use development in Cairo, marking one of the notable large-scale real estate collaborations announced in the region this year.
The project will cover 553 feddans, equivalent to around 574 acres, and is planned as an integrated urban development featuring residential, commercial and tourism-focused components. The development is expected to contribute to Cairo’s expanding urban landscape while supporting demand for housing, retail and leisure destinations.
The agreement was formalised during a signing ceremony attended by representatives of both companies. Midar Chief Executive Officer Ayman El-Kousy stated on the sidelines of the event that the project is projected to generate revenue ranging between 200 billion and 250 billion Egyptian pounds over a period of 15 to 20 years.
The anticipated revenue, equivalent to approximately USD 4 billion to USD 5 billion, highlights the long-term scale of the development and the economic activity it is expected to create. Such mixed-use projects have become increasingly important in Egypt’s urban expansion strategy, particularly as the country continues to encourage private sector participation and foreign investment in real estate and infrastructure.
Majid Al Futtaim has an established presence across the Middle East, Africa and Asia through its retail, hospitality, entertainment and real estate businesses. The company has previously developed large integrated communities and commercial destinations across the region, while Midar has played a key role in developing major urban projects in Egypt.
The new partnership adds to a series of large real estate investments being pursued in Egypt, where developers are focusing on integrated communities that combine residential, commercial and lifestyle offerings within a single master-planned environment.
The partnership between Midar and Majid Al Futtaim underscores the continued momentum in Egypt’s large-scale urban development sector. As developers increasingly focus on integrated projects that bring together housing, commercial activity and tourism infrastructure, such investments are expected to play an important role in shaping future urban growth. The long-term nature of the Cairo development also reflects confidence in the market’s ability to absorb large projects over time, while strengthening regional cooperation between Egyptian and Gulf-based real estate players.
Source Reuters
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