(MENAFN- Daily News Egypt) Midar for Urban Development and Investment, the master developer of several cities in East Cairo, is poised to provide investment opportunities to regional and global developers in Mada City-a 5,800-feddan development located in East Cairo. This move follows Midar's recent announcement as the largest private sector developer of integrated giant cities in Egypt.
Ayman ElKousey, CEO & Managing Director of Midar for Investment and Urban Development, stated that the company has already entered into negotiations with various international entities expressing interest in investing in Mada City. These investments aim to develop entertainment, educational, medical, and large shopping areas, in addition to involving a select group of leading local real estate developers. ElKousey emphasized that the company's goal, within the framework of the city's general plan, is to attract unprecedented large-scale projects in Egypt across the entertainment, shopping, education, and medical sectors.
Midar, which owns a land portfolio estimated at approximately 11,000 feddan in East Cairo, is currently evaluating these offers based on the city's general plan and the conditions set by Midar in selecting its success partners. The company is keen to provide various facilities to attract Gulf and Arab investments in Mada City.
Over the years, Midar has attracted 26 Egyptian developers from the largest real estate development companies, specializing in developing 40 projects in the first of Midar's cities: Mostakbal City, launched in 2014. Mostakbal City is one of the fourth-generation cities and is the neighbouring city to Mada, the latest addition to Midar's portfolio.
Ayman ElKousey also announced the launch of several service companies for the cities owned by Midar: Circuit, responsible for electricity distribution; Wayz, responsible for managing transportation and transportation systems; and Ctrl, responsible for facility management.
Regarding the distinguished location of Midar's cities, ElKousey confirmed that their proximity to the state's urban development projects in East Cairo, especially the New Administrative Capital, adds to their appeal.
The company plans to engage with investors who have expressed interest in partnering and investing in projects of varying sizes in Mada. These projects will offer new forms of integrated urban experiences, aligned with global studies and contributions from specialized international companies in urban planning-an immense investment opportunity for Arab companies.
Midar for Urban Development and Investment Company was established in 2006. In 2022, the company underwent a major transformation, presenting a new concept in the Egyptian market: that of the master developer of integrated sustainable megacities. In partnership with major global, regional, and local developers and investors, Midar owns the largest land portfolio in East Cairo (as a private sector company). Their cities accommodate approximately one million residents, with a rate of 500,000 residents per city. So far, they have successfully attracted investments estimated at EGP 200bn.
The company's model combines government-supported investments (shareholders) with private sector management, benefiting from the financial and economic capabilities of entities such as Bank Misr, the National Investment Bank, the National Bank of Egypt, and Arab Contractors Company. These entities contribute to Midar's future vision and long-term development plans.
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