The master-planned development will span approximately 553 feddans—equivalent to 2.32 million square metres—and is set to include around 6,000 residential units, hotel facilities, commercial and entertainment venues, and a dedicated business and services district.
The agreement was signed at the Egyptian Cabinet headquarters in the New Administrative Capital under the patronage of Prime Minister Dr Mostafa Madbouly. The ceremony brought together senior Egyptian and UAE officials, including Minister of Housing, Utilities and Urban Communities Randa El-Menshawy, Minister of Investment and Foreign Trade Hassan El-Khatib, and UAE Ambassador to Egypt Hamad Obaid Al Zaabi.
Ahmed Galal Ismail, Chief Executive Officer of Majid Al Futtaim Holding, and Ayman Elkousey, Managing Director and Chief Executive Officer of MIDAR, formalized the partnership.
“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,” Ismail said.
The development will be delivered in phases. The first phase will cover 200 feddans, or 840,000 square metres, over the first four years from the start of implementation. A second phase will encompass 300 feddans, or 1.26 million square metres.
An additional 60 feddans—approximately 240,000 square metres—have been earmarked for a possible integrated shopping and entertainment destination. This area will be allocated progressively based on the pace of development and occupancy rates, potentially pushing the project’s total development value beyond $4 billion.
MIDAR confirmed the partnership will operate under a revenue-sharing model, with the expected future value for the company exceeding EGP40 billion. Ayman Elkousey said the deal reinforces Mada City’s position as an attractive urban destination for regional investors and reflects confidence in Egypt’s real estate market.
Majid Al Futtaim has maintained a presence in Egypt for 27 years, investing approximately $2.8 billion and creating more than 226,000 direct and indirect jobs. The group’s Egyptian portfolio includes Mall of Egypt, City Centre Almaza, City Centre Alexandria, City Centre Maadi, 115 Carrefour and Supeco stores, cinemas, and leisure assets.
The New Cairo project represents a strategic shift for the Dubai-based developer, extending its regional footprint into large-scale residential communities. Ismail emphasized that the initiative builds on the group’s long-standing investment in Egypt and supports the country’s development priorities, aiming to create meaningful economic value while meeting the highest international standards.
The move comes as UAE-based developers continue to expand across the region, with Majid Al Futtaim previously announcing a Dh62 billion mixed-use community in partnership with Dubai South. Meanwhile, Dubai’s real estate market is projected to attract over $272 billion in new projects over the next five years, reflecting the strength of Gulf developers’ ambitions both domestically and abroad.
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