Majid Al Futtaim has signed a strategic partnership with Egypt’s MIDAR to develop a $3.1 billion mixed-use project in Mada City, New Cairo, marking one of the largest recent foreign-led real estate commitments in Egypt. The project covers 553 feddans, or about 2.32 square kilometres, and combines residential, commercial and hospitality components. It is also the Dubai-based group’s largest international project to date.
The deal is significant not only for its size but also for its structure. Rather than a simple land sale or outright acquisition, the project uses a strategic partnership model that shares development responsibility and future returns. That approach fits the broader shift now visible in Egypt’s property market, where Gulf investors are increasingly choosing collaboration over direct ownership.
According to MIDAR, the project could generate future revenue of between EGP 200 billion and EGP 250 billion over 15 to 20 years. MIDAR’s chief executive said the development is expected to create value across dozens of supporting industries, from construction and retail to tourism and services. That kind of multiplier effect is one reason Egypt continues to draw major regional developers despite a more selective investment environment.
The first phase of the project is expected to deliver around 6,000 residential units alongside a business district, retail space and hotel facilities. A second phase will add more space anchored by a large shopping and entertainment hub. That scale makes Mada City one of East Cairo’s most active investment destinations and adds to a growing list of major Gulf-backed schemes in the area.
For Majid Al Futtaim, the deal expands its residential footprint in Egypt and deepens its position in a market where it already has a strong commercial presence. The company has been active across the region in mixed-use and retail development, and the New Cairo project extends that strategy into a larger long-term urban build-out. It also reflects confidence that Egypt’s property demand will remain strong enough to support large-scale phased development.
The project arrives at a moment when Egypt is increasingly seen as a regional real estate hub. Investors from the Gulf continue to view the country as a destination for growth capital, especially in well-planned urban extensions around Cairo. With strategic partnerships now replacing some direct acquisitions, projects like this one may become the standard model for future investment. In that sense, the Majid Al Futtaim-MIDAR deal is more than a single project announcement. It is a signal that Egypt’s real estate market remains open to large foreign capital, but on terms that increasingly emphasize shared risk, phased delivery and long-term value creation. For Cairo’s property sector, that may be the clearest sign yet of where the market is heading.
