Midar and Majid Al Futtaim plan $3.1 billion urban development in Cairo
Egypt's Midar and UAE's Majid Al Futtaim have partnered on a $3.1 billion Cairo development project, expected to generate $4-5 billion in revenue over 15-20 years.
- Country:
- Egypt
Egypt's Midar and UAE's Majid Al Futtaim signed a partnership on Sunday for a $3.1 billion urban development comprising residential, commercial and tourist projects in Cairo, spanning 553 feddans (574 acres).
The development is expected to generate 200 billion Egyptian pounds to 250 billion Egyptian pounds ($4 billion to $5 billion) in revenue over 15-20 years, Midar CEO Ayman El-Kousy told reporters on the sidelines of the signing ceremony. ($1 = 49.8700 Egyptian pounds)
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