Majid Al Futtaim Signs $3.1 Billion New Cairo Development Deal — Gulf Investment Confidence in Egypt at Record High

Deal at a Glance

UAE-based Majid Al Futtaim has signed a landmark strategic partnership agreement with Cairo-based MIDAR Investment and Urban Development Company to develop a large mixed-use urban project in New Cairo’s Mada City — the group’s first residential community development in Egypt.

• Value: Over $3.1 billion, expected to exceed $4 billion at full build-out
• Location: Mada City, New Cairo — 553 feddans (2.3 km²)
• Model: Revenue-sharing partnership between Majid Al Futtaim and MIDAR
• Witnessed by: Egyptian Prime Minister Mostafa Madbouly, Housing Minister Randa El Manshawy, Investment Minister Mohamed Saleh, UAE Ambassador Hamad Al Zaabi

Phased Development

Phase 1 covers 840,000 m² over four years and includes approximately 6,000 residential units, a business district, retail and hospitality components, and hotel units.

Phase 2 will add a further 1.26 km² with approximately 252,000 m² earmarked for a premium integrated shopping and entertainment destination, to be delivered progressively as surrounding residential areas reach occupancy thresholds.

MIDAR expects the deal to generate future revenues exceeding 40 billion Egyptian pounds.

Majid Al Futtaim’s Expanding Egyptian Footprint

Majid Al Futtaim CEO Ahmed Galal Ismail described the deal as “a proud new chapter” for the group in Egypt. The company has invested approximately $2.8 billion in Egypt over 27 years, creating more than 226,000 direct and indirect jobs.

Its existing Egyptian portfolio includes Mall of Egypt, City Centre Almaza, City Centre Alexandria, City Centre Maadi, and over 100 Carrefour supermarkets and Supeco discount stores. This deal marks the company’s strategic expansion from retail and leisure into integrated residential community development.

“By bringing our regional expertise in developing integrated, mixed-use communities to Mada City, we are creating an advanced urban model that places quality of life and sustainability at its core,” Ismail said.

Broader Context: Gulf Investment in Egypt

The deal is the latest instalment in a deepening wave of Gulf investment that has reshaped Egypt’s financing picture over the past three years:

• Ras El Hekma (Feb 2024): UAE sovereign wealth fund ADQ signed a $35 billion agreement — the largest foreign investment in Egypt’s history
• Gulf real estate investment (2026 est.): $30–41 billion by year-end, according to state estimates
• Total foreign inflows since 2022: Over $102 billion
• Saudi Arabia: ~$25 billion in Egyptian assets
• Qatar (QIA): $29.7 billion North Coast tourism development + $7.5 billion investment package

What This Means for Red Sea & Hurghada Investors

While the Majid Al Futtaim deal is in New Cairo, its implications extend directly to the Red Sea real estate market:

• Gulf capital confidence is at an all-time high. When a developer of Majid Al Futtaim’s calibre enters Egypt’s residential market for the first time, it signals deep institutional confidence in Egypt’s long-term economic trajectory — confidence that flows directly into coastal destinations like Hurghada, Sahl Hasheesh, and El Gouna.
• Infrastructure momentum benefits all regions. The same government driving New Cairo’s expansion is simultaneously investing in Hurghada International Airport (12+ million passengers in 2025), the Mamsha promenade, and new road networks connecting Red Sea resorts.
• Competition for premium residential. As Cairo gains new world-class communities, Red Sea destinations differentiate through lifestyle — beachfront living, year-round tourism, and strong rental yields that urban Cairo cannot match.
• Second-home demand from Cairo’s growing elite. New Cairo’s expanding high-net-worth population creates a natural feeder market for Red Sea second homes and investment properties — a trend MAMO Property has observed accelerating through 2026.

For investors already positioned in Hurghada’s prime districts — Sahl Hasheesh, Magawish, El Gouna, and the Intercontinental corridor — this deal reinforces the macro case for Egyptian real estate. Gulf capital is betting billions on Egypt’s future, and the Red Sea coast remains one of the most accessible entry points for international buyers.

Looking to capitalize on Egypt’s rising real estate market? Contact MAMO Property for expert guidance on Red Sea investment opportunities.

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📚 Further Reading:

• our complete El Gouna buyer’s guide
• our detailed Sahl Hasheesh area guide
• our rental yield comparison and ROI calculator
• our complete guide to foreign property ownership in Egypt
• our complete buyer’s guide covering all fees and taxes
• our news coverage of Egypt’s 48-hour work permit
• Neo Ibiza property listing
• our analysis of Egyptian Pound trends and foreign reserves
• our Egypt tourism 2026 impact analysis
• our Egypt economy outlook for property investors

🔗 Additional Resource: World Bank FDI data for Egypt

Frequently Asked Questions

Q: What makes the newly announced Majid Al Futtaim Mada City development so significant?
A: Developed in strategic partnership with MIDAR New Cairo, the Majid Al Futtaim Mada City represents a massive expansion of Majid Al Futtaim’s investments in Egypt. This partnership is a testament to the rising momentum of Gulf investment in Egyptian real estate, signaling robust economic growth and high developer confidence in the region.

Q: What can we expect from the Mada City New Cairo project?
A: The Mada City New Cairo project will be a premier, fully integrated sustainable community. It is designed to offer world-class residential areas, state-of-the-art commercial spaces, and diverse retail and entertainment sectors that cater to modern urban lifestyles.

Frequently Asked Questions

Q: What is the economic significance of the new Majid Al Futtaim MIDAR deal?
A: The $3.1 billion Majid Al Futtaim MIDAR deal, signed in partnership with MIDAR for Urban Development, represents a major milestone for the real estate market. It underscores the record-high levels of Gulf investment in Egypt, demonstrating strong regional confidence in the country’s growing economy.

Q: What will the new Majid Al Futtaim New Cairo project offer?
A: The highly anticipated Majid Al Futtaim New Cairo project will deliver a premier, sustainable mixed-use destination in New Cairo, featuring world-class residential communities, commercial hubs, and entertainment facilities.

Frequently Asked Questions

Q: What does the new Majid Al Futtaim and MIDAR partnership mean for the Egyptian property market?
A: This landmark $3.1 billion collaboration marks a significant milestone for real estate investment in Egypt. The joint effort will drive the sustainable development of the master-planned MIDAR New Cairo project, highlighting strong Gulf investor confidence in the country’s expanding economic landscape.

Frequently Asked Questions

Q: What is the significance of the new $3.1 billion partnership in Egypt’s real estate sector?
A: The landmark agreement signed between Majid Al Futtaim New Cairo and Midar Real Estate Development to develop the master-planned Mada City New Cairo marks a major milestone for the local property market. This massive project highlights the rising momentum of Gulf investment in Egypt, demonstrating strong international confidence in the country’s long-term economic growth.

Frequently Asked Questions

Q: What is the significance of the new Majid Al Futtaim New Cairo project?
A: Developed in partnership with MIDAR for Real Estate Development, this landmark $3.1 billion development represents a major milestone that highlights the surging volume of Gulf investment in Egypt real estate and reinforces regional confidence in the market’s long-term growth.

Frequently Asked Questions

Q: What does the new $3.1 billion development deal mean for the Egyptian property market?
A: The landmark partnership between Majid Al Futtaim New Cairo and Midar Real Estate Development Company represents a massive boost for high-end New Cairo mixed-use developments. This mega-project serves as a key indicator of the surging confidence and rising volume of Gulf investment in Egypt, paving the way for further economic growth in the region.

Frequently Asked Questions

Q: How does the partnership with MIDAR Investment Egypt impact the local property market?
A: The collaboration to develop the Majid Al Futtaim New Cairo project represents a massive boost to the economy, underscoring the record-high confidence and the robust growth of Gulf investments in Egyptian real estate.