Egypt has secured a significant Gulf-financed real estate development following a deal between the country’s Midar Investment and Urban Development Company and the Dubai-based Majid Al Futtaim.
This deal aims to establish an extensive mixed-use residential and commercial complex within Mada City, in New Cairo.
The deal, signed on Sunday in Egypt's New Administrative Capital, was seen by Prime Minister Mostafa Madbouly and a number of top government officials, including housing, investment, and foreign affairs personnel.
The development is projected to be worth more than $3.1 billion initially, with a total value of more than $4 billion when completed.
Majid Al Futtaim will build a 2.3-square-kilometre part of Mada City under a revenue-sharing agreement.
