MIDAR Invests $7Bn In Mostakbal City, Plans For Local, Regional Expansion Targeting $14Bn

(MENAFN- Daily News Egypt) MIDAR for investment and Urban Development, the founding and master developer of Mostakbal City and MADA in East Cairo, is reinforcing its leadership in Egypt's Real estate development sector with ambitious expansion plans. These initiatives are part of a broader vision to align with Egypt's Vision 2030 for sustainable development, focusing on infrastructure enhancement and quality of life improvement.

Ayman Elkousey, Managing Director and CEO of MIDAR, outlined the company's bold ambitions for the future. He emphasized MIDAR's commitment to transforming urban development through large-scale projects based on sustainable smart city standards. The company currently owns 46 million square meters of land, divided between Mostakbal City and MADA, both designed to meet the needs of future generations by incorporating the latest technological innovations.

Elkousey highlighted that Mostakbal City, a flagship fourth-generation city, has proven to be a successful model for smart urban living. With more than 20 developers and investors involved, the city is home to approximately 500,000 residents. The total investment in Mostakbal City has exceeded $7 billion, solidifying its status as one of Egypt's most prominent smart cities.

Building on this success, MIDAR plans to launch MADA in 2024. This new project spans 25 million square meters and is expected to accommodate 500,000 residents. With an estimated investment of $145 billion, MADA will be one of Egypt's first fifth-generation cities, incorporating artificial intelligence and the Internet of Things (IoT) to enhance its smart city capabilities.

Elkousey also shared that MIDAR was the first Egyptian company to obtain an IoT license from the Telecommunications Regulatory Authority, underscoring its commitment to advanced technology for improving the quality of life in its communities. The company relies on smart infrastructure to manage transport, energy, and utilities, ensuring sustainable, eco-friendly solutions.

To further strengthen its sustainability goals and provide integrated services, MIDAR has established several specialized service companies, including Circuit (responsible for electricity distribution and power station maintenance), WAYZ (focused on sustainable transportation solutions), and CTRL (for city facility management).

The strategic location of MIDAR's land in East Cairo gives the company a significant competitive edge. Situated between New Cairo and the New Administrative Capital, this area benefits from proximity to a modern transportation network, including the monorail, light rail transit (LRT), high-speed trains, and new roads and axes. This connectivity boosts the value of MIDAR's cities as investment hubs, offering a balanced mix of residential and commercial spaces, supporting the company's vision of creating integrated, sustainable urban environments.

Elkousey also noted that MIDAR enjoys strong financial backing from major banks, including Banque Misr, the National Bank of Egypt, and the National Investment Bank. These partnerships provide the company with financial flexibility, ensuring the efficient and high-quality execution of its projects, while also bolstering investor confidence in MIDAR's ability to achieve its ambitious goals.

Looking beyond the local market, MIDAR has ambitious plans for regional expansion. The company is in discussions with prominent regional developers to form strategic partnerships aimed at launching major residential and commercial projects in the region. These projects will focus on sustainability and integration, addressing the growing demand in the regional market and offering an innovative model for urban development.

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