Egypt-based master developer MIDAR and Emaar Misr, the local subsidiary of Dubai-listed real estate giant Emaar Properties, have signed an agreement worth 14 billion Egyptian pounds ($277 million) to develop the first integrated residential project in East Cairo.
The agreement involves the development of a 500-acre residential complex by the EGX-listed Emaar Misr within MIDAR’s Mada master plan under a revenue-sharing model.
The Mada master plan is expected to attract total investments of EGP 100 billion ($2 billion) in the coming years.
Mada, covering 6,032 acres, is positioned as Egypt’s largest entertainment city and MIDAR’s second master-planned development in East Cairo, following the 5,408-acre Mostakbal City.
The new development will include residential areas alongside entertainment, educational, medical, and commercial services, creating a self-sustained community.
Speaking at the signing event, Mohamed Alabbar emphasised the strategic importance of the partnership with MIDAR, noting that it reflects strong confidence in Egypt’s real estate sector. He described Egypt as one of the most attractive markets for foreign investment in the region, reinforcing Emaar Misr’s commitment to long-term growth and development.
(1 US Dollar = 50.60 Egyptian Pounds)
(Writing by Eman Hamed; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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