Egypt-UAE joint venture to develop $3B housing project

Majid Al Futtaim, the UAE-based company, signed an agreement with Midar for Investment and Urban Development, an Egyptian company, to develop a residential project covering approximately 553 acres in the "Mada" city east of Cairo. The investment value in the project is around $3.1 billion, implemented through a partnership and profit-sharing system, where Midar will receive about 30% of the residential portion, with a study underway to allocate a recreational area. The plan includes developing 200 acres over 4 to 5 years, encompassing the construction of approximately 6,000 residential units, a commercial area, and entertainment facilities, all aimed at supporting economic and urban development in the region. Estimates suggest that the project will increase the overall development value to more than $4 billion, with the group's investments in Egypt rising to approximately $6 billion.

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