Majid Al Futtaim, a leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Central Asia, announces the signing of a strategic partnership agreement with MIDAR for Investment and Urban Development in Cairo Egypt. The partnership aims to develop a mixed-use destination within Mada City in New Cairo, with a total development value of USD 3.1 billion. The step marks a pivotal milestone for Majid Al Futtaim in the mixed-use residential communities sector in Egypt, underscoring the company’s commitment to creating future destinations that shape modern urban development concepts.
The announcement took place at the Egyptian Cabinet headquarters in the New Administrative Capital, under the patronage of H.E. Prime Minister Dr. Mostafa Madbouly. The occasion convened Eng. Randa El-Menshawy, Minister of Housing, Utilities and Urban Communities; Dr. Hassan El-Khatib, Minister of Investment and Foreign Trade; H.E. Hamad Obaid Al Zaabi, Ambassador of the United Arab Emirates to Egypt and Permanent Representative to the League of Arab States. The signing ceremony was also witnessed by Mr. Fadel Abdulbaqi Al Ali, Chairman of Majid Al Futtaim Holding; and Major General Eng. Amir Sayed Ahmed, Chairman of MIDAR for Investment and Urban Development and Urban Planning Advisor to H.E. the Egyptian President.
The agreement was signed by Ahmed Galal Ismail, Chief Executive Officer of Majid Al Futtaim Holding; and Eng. Ayman Elkousey, Managing Director and Chief Executive Officer of MIDAR, alongside a broad representation of national media.
The project spans approximately 553 feddans (2.32 million square metres). The first phase of the work plan targets the development of 200 feddans (840,000 square metres) during the first four years from the start of implementation, while the second phase comprises 300 feddans (1.26 million square metres), in addition to an area of around 60 feddans (240,000 square metres) allocated for the potential creation of an integrated shopping and entertainment destination. This area will be allocated progressively in line with the pace of development works and occupancy rates across the residential communities within the project’s targeted geographic scope, thereby raising the project’s total development value to more than USD 4 billion. This approach reflects the shared vision to accelerate the pace of work and move the project directly into implementation, with a commitment to defined delivery schedules aligned with the highest international quality standards.
The project’s master plan comprises of an integrated urban community featuring approximately 6,000 residential units, as well as a business and services district, commercial and entertainment facilities, and hotel units. This contributes to creating a mixed-use destination that supports sustainable economic and urban development and provides an advanced living and working environment that meets the needs of residents and investors alike.
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.
Since entering the Egyptian market, Majid Al Futtaim has become one of the most prominent and sustainable foreign direct investors, helping shape the evolution of Egypt’s retail and real estate sectors through a portfolio of landmark destinations. These include Mall of Egypt, City Centre Almaza, City Centre Alexandria and City Centre Maadi, alongside 115 Carrefour and Supeco stores, cinemas and a range of leisure and entertainment experiences. The Group has also delivered major regional projects such as Mall of the Emirates and the Ghaf Woods residential project in Dubai.
This latest development builds on that legacy, reinforcing Majid Al Futtaim’s long-term commitment to Egypt and its belief in the market’s continued growth potential. It also reflects the Group’s ambition to create future-ready destinations that contribute to the country’s economic and urban development priorities in line with Egypt Vision 2030.
