Majid Al Futtaim & MIDAR Partner to Develop USD 3.1B Mixed-Use Project in New Cairo

Majid Al Futtaim has entered Egypt’s residential real estate market through a partnership with MIDAR for Investment and Urban Development to deliver a mixed-use project in New Cairo with an initial development value of USD 3.1 billion. The development will sit within Mada City in East Cairo and will span approximately 553 feddans (about 2.32 million square metres). The master plan includes around 6,000 residential units alongside office, commercial, hospitality, entertainment and service components.

“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,” said Ahmed Galal Ismail, Chief Executive Officer of Majid Al Futtaim Holding.

Project details and phasing

Under the agreement, the first phase will cover 200 feddans and is expected to be developed over the first four years of implementation. A second phase will extend across 300 feddans. An additional 60 feddans have been earmarked for a potential shopping and entertainment destination, which the partners say would be developed progressively based on occupancy levels and overall development progress.

• Initial development value: USD 3.1 billion
• Total land area: ~553 feddans (2.32 million sqm)
• Phase one: 200 feddans, four-year development horizon
• Phase two: 300 feddans
• Potential retail/entertainment allocation: 60 feddans; if realized, project value could exceed USD 4 billion
• Residential units planned: ~6,000

Context: strategic significance and market positioning

The deal marks a significant expansion of Majid Al Futtaim’s footprint in Egypt beyond its established retail, leisure and commercial real estate portfolio, and represents one of the largest recent mixed-use development partnerships announced in the country. For MIDAR, the agreement brings a major regional developer into Mada City, bolstering the master-planned destination’s attractiveness to large-scale investors and adding an anchor project to its pipeline.

The project is positioned as an integrated urban community combining living, working and leisure offerings in a single destination — a model regional developers are increasingly adopting to create multiple revenue streams through housing, retail, hospitality, office space and entertainment. The partners have tied the expansion of the retail and entertainment component to occupancy and market demand, indicating a staged approach to capital deployment.

Outlook and what to watch

Key indicators to watch will be the pace of implementation on the initial 200-feddan phase and early construction milestones, which the agreement emphasizes as immediate priorities. Equally important will be market uptake of residential units and the timing for the 60-feddan retail and entertainment allocation; if demand supports it, the project’s value would rise beyond USD 4 billion and deepen Majid Al Futtaim’s presence in Egypt.

The partnership also arrives amid broader regional investor activity in Egyptian urban development and a wave of deals linking real estate, fintech and proptech. For example, Dubai-based Rentify recently raised a USD 2 million seed round from a consortium of real estate and fintech investors, bringing its total funding to USD 2.5 million after a USD 500,000 pre-seed round in 2025 — a reminder that capital continues to flow into the region’s built-environment and housing-related innovation.