UAE-based Majid Al Futtaim has signed a partnership agreement with Egypt’s MIDAR for Investment and Urban Development to develop a $3.1 billion integrated urban center in Mada City, east of Cairo. The agreement adds to the growing flow of Gulf investments into Egypt’s real estate, tourism and urban development sectors.
The project will be developed within Mada City, a 25-square-kilometer smart and environmentally focused city currently under construction. Egyptian Prime Minister Mostafa Madbouly attended the signing ceremony, highlighting the strategic importance of the investment.
The mixed-use urban center will cover 2.32 million square meters and will be developed in multiple phases. The first phase will span around 840,000 square meters over four years, while the second phase will cover an additional 1.26 million square meters.
The development will include around 6,000 residential units, a business district, retail facilities and hospitality assets. It will also dedicate about 240,000 square meters to a retail and entertainment hub, positioning the project as a major lifestyle and commercial destination.
Majid Al Futtaim said the project aims to create a mixed-use destination that supports sustainable economic and urban development. The company said the development will offer a world-class environment for living, working and investing.
The companies did not disclose detailed financing arrangements, but MIDAR said the partnership will operate under a revenue-sharing model. The future value generated for MIDAR is expected to exceed 40 billion Egyptian pounds, equivalent to about $803 million.
Majid Al Futtaim’s Chief Executive Officer Ahmed Galal Ismail described the agreement as an important integration of regional expertise in mixed-use residential development within Mada City. He also reaffirmed the company’s confidence in the Egyptian market.
Majid Al Futtaim has invested around $2.8 billion in Egypt over the past 27 years and has generated about 226,000 direct and indirect jobs. Its existing portfolio in the country includes Mall of Egypt, City Centre Almaza, City Centre Alexandria and City Centre Maadi.
The group also operates more than 100 Carrefour supermarkets, Supeco discount stores, cinemas and entertainment centers across Egypt. The new Mada City project will further expand its footprint in the country’s real estate, retail and lifestyle sectors.
The agreement comes as Egypt continues to attract large-scale Gulf investments in urban development and tourism. Major recent deals include Abu Dhabi’s $35 billion Ras El-Hekma project and Qatari Diar’s planned $29.7 billion investment in a high-end tourism and residential complex at Alam Al-Roum.
Overall, the $3.1 billion Majid Al Futtaim-MIDAR project represents a major addition to Egypt’s smart city and real estate development pipeline. By combining residential, commercial, hospitality and entertainment facilities, the project is expected to support urban growth, attract investment and strengthen Egypt’s position as a key destination for regional real estate development.
