Egypt has secured a major Gulf-backed real estate investment deal with Dubai-based developer Majid Al Futtaim, in a project initially valued at US$3.1 billion and expected to exceed US$4 billion upon completion, further strengthening the country’s growing appeal as a destination for large-scale foreign investment.
The agreement, signed in Egypt’s New Administrative Capital and witnessed by Prime Minister Mostafa Madbouly alongside senior government officials, involves the development of a large mixed-use complex within Mada City in New Cairo. The project is being executed in partnership with Egypt’s Midar Investment and Urban Development Company.
Under the deal, Majid Al Futtaim will develop a 2.3 square kilometre section of Mada City through a revenue-sharing arrangement. The development will include approximately 6,000 residential units alongside office spaces, retail outlets, hospitality facilities and hotel infrastructure, positioning it as a fully integrated urban district.
The first phase of construction will cover about 840,000 square metres and is expected to be completed over four years. A second phase will expand the project by an additional 1.26 square kilometres, introducing a larger commercial and entertainment hub once residential occupancy levels increase.
Egyptian authorities estimate that the project could generate more than 40 billion Egyptian pounds in future revenue for the master developer, Midar, highlighting the long-term financial significance of the development.
The agreement reflects Majid Al Futtaim’s continued expansion in Egypt’s real estate sector. The company has invested more than $2.8 billion in the country over the past three decades, according to its leadership, contributing significantly to employment and retail infrastructure development across multiple cities.
Egypt has in recent years become a focal point for large Gulf investments, particularly in real estate, infrastructure and energy. The most prominent example remains the $35 billion Ras El Hekma development agreement signed in 2024 with Abu Dhabi sovereign wealth fund ADQ, which remains the largest foreign investment commitment in the country’s history.
Other Gulf states, including Saudi Arabia and Qatar, have also expanded their financial footprint in Egypt through multibillion-dollar projects aimed at strengthening tourism, energy capacity and urban infrastructure.
The latest agreement underscores a broader regional trend in which Gulf capital is increasingly flowing into North Africa’s largest economy, as Egypt positions itself as a strategic investment hub bridging Africa, the Middle East and Europe.
Analysts say the scale and structure of such projects reflect a shift toward long-term, mixed-use urban developments rather than single-purpose real estate investments. These developments are designed to accommodate population growth, rising urban demand and increasing investor interest in integrated smart city models.
For Egypt, which has faced sustained economic pressures in recent years, the inflow of Gulf investment offers critical support for foreign currency earnings, job creation and infrastructure expansion. At the same time, it highlights the country’s reliance on external capital to finance large-scale development projects.
As construction begins in phases, attention will focus on execution timelines, financing stability and demand absorption in New Cairo’s rapidly expanding real estate market. If delivered as planned, the project could further reshape the urban landscape of Egypt’s capital region while reinforcing Gulf states’ role as key investors in the country’s economic transformation.
