Egypt-UAE partners to build $3B urban project

Medar for Investment and Urban Development in Egypt has signed a partnership agreement worth $3.1 billion with the UAE-based Majid Al Futtaim Group to develop an urban project in Maday City, New Cairo. The project will include residential, commercial, and tourism developments spanning 553 acres. It is expected to generate revenues between 200 and 250 billion Egyptian pounds (approximately $4 to $5 billion) over 15 to 20 years. The project will feature entertainment zones, commercial areas, and factories aimed at meeting the project's needs and providing jobs for hundreds, and possibly millions, of young Egyptians.

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