In Their First Partnership, MIDAR and Emaar Misr Sign an Agreement to Develop First Integrated Residential Project in "MADA", East Cairo, with Investments of EGP 100 Billion
- Elkousey: "MIDAR’s first contract in MADA adds to its successes in developing its land portfolio as a prime destination for real estate investment in Egypt."
- Mohamed Alabbar: "Investments worth EGP 100 billion and an upfront payment of millions of dollars reflect our optimistic vision for major investment opportunities in the Egyptian market and our commitment to innovative and sustainable urban development."
Cairo, 15 February 2025
MIDAR for Investment and Urban Development, the Master Developer of "Mostakbal City" and "MADA" in East Cairo, signed a partnership agreement with Emaar Misr to develop the first integrated residential project in "MADA", East Cairo, with a current contract value of approximately EGP 14 billion.
The announcement was made during a conference organized by MIDAR in Mostakbal City, to mark the signing of the new agreement. The event was attended by Eng. Ayman ElKousey, Managing Director and CEO of MIDAR; Mohamed Alabbar, Founder & Chairman of Emaar Properties; Eng. Mostafa El Kady, CEO of Emaar Misr; and a wide range of media representatives.
The new contract aims to develop a 500-acre land plot in "MADA", located along MIDAR Road, under a revenue-sharing model. This marks the first partnership of its kind between MIDAR and Emaar Misr, with future investments expected to reach EGP 100 billion and millions of dollars as an upfront payment.
Eng. Ayman ElKousey, CEO & Managing Director of MIDAR, welcomed the new partnership with Emaar Misr, highlighting its long-standing expertise in urban development both in Egypt and internationally. He emphasized that this collaboration aligns with MIDAR’s strategy of selecting top strategic partners in the real estate market. Elkousey noted that MIDAR’s first contract in "MADA" reinforces its success in transforming its land portfolio into a distinguished investment destination. He added that the partnership with Emaar Misr would deliver a groundbreaking model for integrated urban communities, featuring recreational, educational, healthcare, and commercial services.
Mohamed Alabbar, Founder & Chairman of Emaar Properties, expressed his enthusiasm for collaborating with MIDAR, stating, "We are proud to announce this landmark project, which reflects our optimistic vision for significant investment opportunities in the Egyptian market and our commitment to innovative and sustainable urban development. This project will be a strong addition to the Egyptian real estate market, setting a benchmark for modern, integrated communities that meet customers’ aspirations for a unique living experience."
He added, "This cooperation underscores our confidence in the future of Egypt’s real estate sector, which is one of the most promising markets in the region and a key driver for foreign investments." Alabbar reaffirmed Emaar Misr’s pride in its presence and major successes in the Egyptian real estate market, reiterating its commitment to delivering integrated residential projects that enhance quality of life and meet market demands.
Alabbar continued, "We aim to be partners in Egypt’s urban development, particularly in infrastructure and new urban areas, by offering real estate projects characterized by innovative architectural designs and the highest quality standards. Emaar is committed to environmental sustainability in all its projects, utilizing smart and eco-friendly technologies and dedicating vast green spaces. We also ensure the provision of all necessary services to offer residents a modern and integrated living experience."
"MADA" is MIDAR’s newest city and one of Egypt’s fifth-generation cities. Strategically located in East Cairo, near the New Administrative Capital and Cairo International Airport, it is surrounded by key transportation routes, including Al Amal Axis, Cairo-Suez Road, Regional Road, and the Middle Ring Road.
About MIDAR
MIDAR for Investment and Urban Development was established in 2006 and is one of the largest leading companies in the field of investment and urban development in Egypt. It is among the first companies to implement the concept of a Master Developer for integrated residential and recreational cities in Egypt. MIDAR’s ownership structure includes a selection of major financial institutions in Egypt, such as Bank Misr, National Investment Bank, National Bank of Egypt, and Arab Contractors Company.
MIDAR is considered the preferred partner for major investment entities, both Egyptian and foreign. The company owns a land portfolio estimated at about 11,000 Feddans in East Cairo. "Mostakbal City" is the first city launched by MIDAR, covering an area of 5,200 Feddans. MIDAR successfully attracted more than 20 of the leading real estate development companies across various specialties to develop their projects in "Mostakbal City." Recently, MIDAR launched "MADA" city, which spans 5,800 Feddans with a 3-kilometer frontage along the Cairo-Suez Road. This city includes an entertainment city, a theme park, a shopping city, an educational city, a medical city, and residential areas, designed to accommodate approximately 1 million residents, with 500,000 residents in each city.
For more details, please visit the website www.midar.org
About Emaar Misr for Development
Emaar Misr is one of Egypt’s leading real estate development companies and a subsidiary of the global Emaar Properties group. Since entering the Egyptian market, Emaar Misr has redefined modern living standards by delivering luxurious residential and commercial projects characterized by innovation and quality.
Emaar Misr’s portfolio includes Marassi in the North Coast, Uptown Cairo in the heart of the capital, Mivida in the Fifth Settlement, Cairo Gate in Sheikh Zayed City, Belle Vie in New Zayed, and Sol in the North Coast. Over the past 18 years, Emaar Misr has strengthened its presence in Egypt with total investments expected to reach EGP 1.2 trillion (USD 31.3 billion), delivering over 12,900 residential units and 9 hotels and resorts.
Committed to corporate social responsibility, Emaar Misr implements initiatives focused on health, education, and economic empowerment, contributing to sustainable development and improving quality of life in the communities it serves.
For more information, visit www.emaarmisr.com.