MAF, Midar ink USD 3.1 bn+ Mada City partnership

Majid Al Futtaim (MAF) is anchoring East Cairo’s Mada City with a USD 3.1 bn+ (c. EGP 155 bn) mixed-use project under a strategic partnership inked with Midar, according to a cabinet statement. The Egyptian-Emirati private-sector partnership will build an integrated urban development across 553 feddans inside the New Cairo development under a revenue-sharing model. Midar’s future returns from the agreement are expected to exceed EGP 40 bn.

The details: The first phase will cover 200 feddans over the first four years of implementation, followed by a 300-feddan second phase. Another c. 60 feddans are earmarked for a shopping and entertainment destination, allocated gradually based on development progress and occupancy rates in the surrounding residential communities. Once that component is factored in, the project’s total development value could exceed USD 4 bn.

REFRESHER- We reported last year that MAF was planning a residential and hotel project in East Cairo in partnership with Midar, with the agreement expected to be signed in 3Q 2025. While the timeline was delayed and the final 553-feddan footprint came in leaner than the 1k feddans originally rumored, the sealed agreement gives the megaproject a firm structure and a hefty price tag.

The agreement gives Midar another major partner inside Mada, after our friends atSODIC signed on last year for a EGP 110 bn wellness-focused project on a 500-feddan plot under a revenue-sharing model. That was Midar’s second major Mada partnership last year, following Emaar Misr’s EGP 100 bn New Mivida agreement with Midar in New Cairo. We also reported last year that Saudi real estate investor Sumou Holding was in preliminary talks to acquire Midar in a potential transaction reportedly worth USD 3.5 bn.