Majid Al Futtaim signed a USD 3.1 billion strategic partnership with MIDAR for Investment and Urban Development on June 21, 2026, to develop a mixed-use destination inside Mada City in New Cairo. The deal was announced at the Egyptian Cabinet headquarters in the New Administrative Capital, under the patronage of Prime Minister Dr Mostafa Madbouly.
It is Majid Al Futtaim’s first residential development in Egypt, a shift for a Dubai-based conglomerate whose 27-year presence in the country has been built almost entirely on malls, retail and leisure. The plan covers 553 feddans, or about 2.32 million square metres, inside a 5,800-feddan master-planned city, with around 6,000 residential units alongside a business and services district, commercial and entertainment facilities, and hotel units.
A $3.1 Billion Signing at the Cabinet Table
Two executives, Majid Al Futtaim Holding Chief Executive Officer Ahmed Galal Ismail and MIDAR Managing Director and Chief Executive Officer Ayman Elkousey, signed the agreement on Sunday at the Cabinet headquarters. The ceremony was attended by Housing Minister Randa El-Menshawy, Investment and Foreign Trade Minister Dr Hassan El-Khatib, and UAE Ambassador to Egypt Hamad Obaid Al Zaabi. The signing was witnessed by Majid Al Futtaim Holding Chairman Fadel Abdulbaqi Al Ali and MIDAR Chairman Major General Eng Amir Sayed Ahmed.
The two companies described the project as contributing to sustainable economic and urban development. The total development value is USD 3.1 billion, with a structure that allows the value to climb to more than USD 4 billion if a planned retail and entertainment component is added. The full set of terms is in the June 21 partnership announcement and full terms.
The master plan, set inside MIDAR’s broader Mada City in East Cairo, brings together residential, business, commercial, entertainment and hotel components. The signing extends Majid Al Futtaim’s Egypt portfolio beyond its existing footprint of Mall of Egypt, City Centre Almaza, City Centre Alexandria and City Centre Maadi, alongside 115 Carrefour and Supeco stores. The deal is the Group’s first move into Egyptian housing after a 27-year run built on malls and retail.
USD 3.1 billion total development value
553 feddans project footprint (2.32 million sqm)
~6,000 residential units in the master plan
200 feddans in phase 1, over the first 4 years
60 feddans earmarked for a potential retail and entertainment destination
How the Phases Stack Up
The work plan splits the 553 feddans into sequenced releases. The first phase targets 200 feddans, or 840,000 square metres, during the first four years from the start of implementation.
A second phase adds 300 feddans, or 1.26 million square metres, to the plan. A further 60 feddans, or 240,000 square metres, are set aside for a potential integrated shopping and entertainment destination. The optional retail and entertainment plot will be released progressively, depending on the pace of development work and occupancy rates across the residential communities in the project’s targeted geographic scope. The companies said this staged release is what pushes the project’s total development value to more than USD 4 billion.
| Phase | Area (feddans) | Area (sqm) | Timeframe | Use |
|---|---|---|---|---|
| Phase 1 | 200 | 840,000 | First 4 years | Residential-led |
| Phase 2 | 300 | 1.26 million | Sequenced after Phase 1 | Residential expansion |
| Optional retail/entertainment | ~60 | 240,000 | Subject to occupancy | Shopping and entertainment |
27 Years of Malls, Now 6,000 Homes
Majid Al Futtaim has been in Egypt for 27 years, the company said, and has invested approximately USD 2.8 billion and helped create more than 226,000 direct and indirect jobs across the country. Xinhua reported that Ismail framed the run as reaching across 19 provinces.
That legacy is a mall-and-retail story. The Egypt portfolio includes Mall of Egypt, City Centre Almaza, City Centre Alexandria and City Centre Maadi, alongside 115 Carrefour and Supeco stores, cinemas and a range of leisure and entertainment experiences. On the regional side, the company has delivered Mall of the Emirates and the Ghaf Woods residential project in Dubai.
The Mada City deal marks the first time Majid Al Futtaim is building homes in Egypt, a step that draws on its regional residential work in Dubai. The press release framed the agreement as a milestone in the Group’s continued expansion into the Egyptian market. On the residential side, the Group’s existing template is Ghaf Woods in Dubai, a project that pairs housing with retail and leisure in a single community. The Mada City plan reuses that formula inside a much larger mixed-use footprint.
Our strategic partnership with MIDAR marks a proud new chapter for Majid Al Futtaim in Egypt. 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, the Chief Executive Officer of Majid Al Futtaim Holding, made the comment in the June 21 press release. The release framed the agreement as a milestone in the Group’s continued expansion into the Egyptian market and reaffirmed the Group’s confidence in the country’s economic resilience.
In 2025, Majid Al Futtaim reported that net profit rose 41 percent year on year to AED 3.6 billion (USD 980 million) on revenue of AED 36 billion, with total assets of AED 71 billion. Egypt, where the Group runs four major malls and 115 Carrefour and Supeco stores, has been part of that base for 27 years. The Group’s regional residential template, Ghaf Woods in Dubai, gives the Egypt team a reference design for the Mada City build.
MIDAR’s Mada City Plan Reaches Well Past 553 Feddans
MIDAR, the master developer behind Mada City, frames the Majid Al Futtaim project as one more step in a wider 5,800-feddan build-out, with a projected population of 500,000 people and Egypt’s largest entertainment hub at the city’s core, according to the 5,800-feddan Mada City master plan. The Majid Al Futtaim deal is one of several partnerships MIDAR has assembled inside the site.
Elkousey said the partnership is run under a revenue-sharing model, with an expected future value for MIDAR exceeding EGP 40 billion. Xinhua reported Elkousey as adding that MIDAR has attracted over 29 developers to execute 46 development projects in Egypt. The 553-feddan Majid Al Futtaim project will sit inside that wider 5,800-feddan build.
This partnership is an extension of a series of successful strategic partnerships concluded by MIDAR within Mada City, which have helped attract billions of dollars in investment, reinforcing the city’s position as a leading investment and urban destination at the regional level.
Elkousey tied the deal to the wider trajectory of Egyptian real estate. He said the partnership reinforces the position of Mada City as an attractive urban destination for regional investors and reflects confidence in the Egyptian market. The press release added that the partnership aligns with Egypt Vision 2030, the national development framework guiding urban and economic priorities. Mada City sits near the New Administrative Capital and Cairo International Airport, with access to the Regional Ring Road and the Middle Ring Road, according to MIDAR’s city page.
PM Madbouly’s 90-95 Industry Multiplier for Mada City
Prime Minister Mostafa Madbouly, speaking at the signing, framed the project as a model of private sector partnership and pointed to a wider industrial footprint. He said a project of this scale is directly linked to around 90-95 different industries and services, creating sustainable job opportunities for hundreds of thousands of Egyptian youths and workers. Housing Minister Randa El-Menshawy and Investment and Foreign Trade Minister Dr Hassan El-Khatib were both present at the ceremony, and the press release said the deal aligns with Egypt Vision 2030. Both companies described the project as contributing to sustainable economic and urban development in the region. The plan brings 6,000 residential units onto a phased 553-feddan footprint, alongside a business and services district, commercial and entertainment facilities, and hotel units.
Group results give the move a financial backbone. In 2025, Majid Al Futtaim reported net profit of AED 3.6 billion (USD 980 million), up 41 percent year on year, on revenue of AED 36 billion, with total assets of AED 71 billion. Egypt, where the Group runs four major malls and 115 Carrefour and Supeco stores, has been part of that base for 27 years.
What Could Complicate the Build
Residential development is a new vertical for Majid Al Futtaim in Egypt. The company’s track record is built on operating malls, retail and leisure, not on building and selling homes.
The first four years call for 200 feddans of build-out, with residential units split across both phases, and the optional 60-feddan retail and entertainment plot unlocked only as the surrounding residential communities hit occupancy targets. A revenue-sharing model means MIDAR’s EGP 40 billion expected future value, and the upside on Majid Al Futtaim’s own returns, depend on that absorption. Egypt’s residential market has been working through currency and demand pressure in recent years, and that backdrop will frame how the units are absorbed.
Mada City spans a 5,800-feddan footprint, with the city site itself targeting a 500,000-resident population, well beyond the 553 feddans the Majid Al Futtaim deal covers. The deal aligns with Egypt Vision 2030, a multi-decade national development programme. The wider Egyptian real estate market has been working through currency and demand pressure in recent years. The June 21, 2026 signing is the starting gun, with phase 1 due over the first four years from the start of implementation.
Frequently Asked Questions
Where is Mada City and what does MIDAR develop there?
Mada City is a 5,800-feddan master-planned site in East Cairo owned by MIDAR for Investment and Urban Development, near the New Administrative Capital and two airports. The Majid Al Futtaim project sits on 553 feddans inside that larger city.
How much has Majid Al Futtaim already invested in Egypt?
Majid Al Futtaim said it has invested approximately USD 2.8 billion in Egypt over a 27-year presence, helping create more than 226,000 direct and indirect jobs. Xinhua reported that those investments span 19 provinces.
When will the first homes in the new Mada City project be delivered?
The first phase of the Majid Al Futtaim plan covers 200 feddans, or 840,000 square metres, over the first four years from the start of implementation. The company has not yet given a calendar date for the first handovers.
What does Majid Al Futtaim’s first residential project in Egypt include?
The master plan features approximately 6,000 residential units alongside a business and services district, commercial and entertainment facilities, and hotel units. It is the Dubai-based conglomerate’s first residential project in Egypt, marking a shift from its existing mall, retail and leisure portfolio.
How does the revenue-sharing model between MAF and MIDAR work?
MIDAR’s chief executive said the partnership runs under a revenue-sharing model, with the expected future value for MIDAR exceeding EGP 40 billion. The companies have not disclosed the revenue split or the EGP 40 billion expected future value in greater detail publicly.
