MIDAR and Emaar Misr Partner on $277 Million Project in Cairo
Deal News | Feb 16, 2025 | Zawya
Egypt-based master developer MIDAR and Emaar Misr, a subsidiary of Dubai's Emaar Properties, have partnered to embark on a significant residential project in East Cairo. This collaboration will see the development of a 500-acre integrated residential complex as part of the larger Mada master plan. Emaar Misr, listed on the EGX, will lead the development under a revenue-sharing agreement valued at 14 billion Egyptian pounds ($277 million). The expansive Mada project, which covers 6,032 acres, is poised to become Egypt's largest entertainment city, attracting a projected total investment of 100 billion Egyptian pounds ($2 billion) in the coming years. This development will offer a mix of residential areas and communal amenities such as entertainment, educational, medical, and commercial services. Mohamed Alabbar highlighted the partnership's strategic significance, emphasizing the robust confidence in Egypt's real estate market and Emaar Misr's commitment to long-term growth in the region.
Sectors
- Real Estate Development
- Construction
- Entertainment and Leisure
Geography
- Egypt – The project is located in East Cairo, Egypt, and involves local development plans and investments.
- United Arab Emirates (UAE) – Emaar Misr is a subsidiary of the Dubai-based Emaar Properties, highlighting UAE involvement in the project.
Industry
- Real Estate Development – The article discusses a significant residential project development agreement between MIDAR and Emaar Misr in East Cairo.
- Construction – The development of a 500-acre residential project involves extensive construction activities.
- Entertainment and Leisure – The project is part of the Mada master plan aimed at establishing Egypt's largest entertainment city.
Financials
- $277 million – The value of the agreement for the residential project in East Cairo.
- 14 billion Egyptian pounds – Equivalent local currency amount for the agreement.
- $2 billion – Expected total investments for the Mada master plan.
- EGP 100 billion – Equivalent local currency amount for the expected total investments in the Mada plan.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| MIDAR | Master Developer | Company | MIDAR is a master developer involved in the development of the residential project in East Cairo. |
| Emaar Misr | Developer | Company | Emaar Misr is the local subsidiary of Dubai-listed Emaar Properties and is responsible for leading the development within the project. |
| Emaar Properties | Parent Company | Company | A Dubai-listed real estate giant serving as the parent company of Emaar Misr. |
| Mohamed Alabbar | Spokesperson | Person | He emphasized the strategic importance of the partnership during the signing event. |