Saturday 22 Feb
Midar for Investment and Urban Development, the master developer of "Mostakbal City" and "Mada" cities in East Cairo, signed a partnership agreement with Emaar Misr for Development to develop the first integrated residential project in Mada city in East Cairo, with a current contract value of about 14 billion pounds.
Midar announced this new partnership with Emaar Misr for Development during a conference held alongside the contract signing. The event was attended by Engineer Ayman ElKousey, Managing Director and CEO of Midar, Mohamed Alabbar, founder of Emaar Properties Company, Engineer Moustafa Al Qadi, CEO of Emaar Misr for Development, and numerous media representatives.
The new contract will develop a 500-acre plot in Mada City,
located on Midar Road, using a revenue-sharing model. This marks the first
partnership between Midar and Emaar Misr for Development. The project is
projected to increase its future investment value to EGP100 billion and
generate millions of dollars in down payments.
Engineer Ayman ElKousey expressed his enthusiasm for the new
partnership with Emaar Misr for Development. He cited their extensive
experience in urban development both in Egypt and internationally, highlighting
it as a key element of Midar's strategy to collaborate with leading real estate
market partners. ElKousey emphasized that securing the first contracts in Mada
City further demonstrates Midar's success in developing its land portfolio into
a prime investment destination. He added that the partnership with Emaar Misr
for Development in Mada City will deliver a significant advancement, creating a
world-class, innovative model for integrated urban communities, encompassing
entertainment, education, medical, and commercial services.
Mohamed Alabbar, founder of Emaar Properties, expressed his
delight in partnering with Midar for Investment and Urban Development. He
stated, "We are proud to announce this significant project, which
reinforces our optimistic outlook on the substantial investment opportunities
within the Egyptian market and reflects our dedication to creating innovative
and sustainable urban developments." Alabbar added that the project will
be a valuable addition to the Egyptian real estate sector, serving as a model
for modern, integrated communities that meet evolving customer expectations for
a distinctive living experience.
He added: "This cooperation reflects our strong
confidence in the Egyptian real estate sector's future. It's a promising market
in the region, attracting significant foreign investment." He emphasized
Emaar Misr for Development's pride in its presence and successes in the
Egyptian real estate market, reaffirming its commitment to providing integrated
residential projects that enhance quality of life and meet market demands.
He continued: "We aim to partner in Egypt's urban
development, particularly in infrastructure and new urban areas, by delivering
real estate projects featuring innovative architectural designs and the highest
quality standards." He stressed Emaar's commitment to environmental
sustainability across all projects, utilizing smart, eco-friendly technologies
and incorporating substantial green spaces. Emaar also prioritizes providing
residents with comprehensive services to ensure modern, integrated residential
communities.
It is worth noting that Mada city, the latest of Midar's cities and a fifth-generation city in Egypt, enjoys a prime location in East Cairo, at the heart of New Cairo, near the Administrative Capital and Cairo International Airport. It is strategically positioned amidst key transportation arteries, including the Axis of Hope, the Cairo-Suez Road, the Regional Ring Road, and the Middle Ring Road.
