Majid Al Futtaim says Egypt investments top $2.8 bln after MIDAR deal

UAE-based Majid Al Futtaim said on Sunday its investments in Egypt had exceeded $2.8 billion, as it signed an agreement with MIDAR to develop a mixed-use project in New Cairo worth more than $3.1 billion, the Egyptian Cabinet said.

The project will be developed within MIDAR’s MADA City on an area of more than 553 feddans and marks Majid Al Futtaim’s latest expansion in the Egyptian market, Chief Executive Ahmed Galal Ismail said during a signing ceremony attended by Prime Minister Moustafa Madbouly.

He said the development would be the company’s largest project in Egypt and would combine residential, commercial, and entertainment components.

Ismail also thanked President Abdel Fattah El-Sisi for supporting private-sector investment and infrastructure development, which he said had helped create a more attractive environment for long-term investment.

Majid Al Futtaim has operated in Egypt for nearly three decades, with investments spanning retail, shopping malls, e-commerce, entertainment, and cinema across 19 governorates.

He said its investments in the country have created more than 226,000 direct and indirect jobs.

Ismail said the new partnership reflected continued cooperation between Egyptian and UAE private-sector investors and underscored the company’s confidence in Egypt’s real estate market and long-term growth prospects.

“The project reflects our confidence in Egypt’s real estate market and long-term growth prospects,” Ismail said.

Attribution: Amwal Al Ghad English