CAIRO — Majid Al Futtaim is moving beyond its traditional mall-led model in Egypt with a $3.1 billion mixed-use development in New Cairo, marking its first residential project in the country and a broader push into communities, offices and hospitality.
The UAE-based group is partnering with MIDAR to develop 553 feddans, or about 2.32 million square metres, within MADA City. The revenue-sharing project is planned to include about 6,000 homes alongside business, commercial, entertainment and hospitality components.
Development will be phased, beginning with 200 feddans over the first four years, followed by about 300 feddans. A further 60 feddans are reserved for an integrated shopping and entertainment destination, whose rollout will depend on construction progress and residential occupancy. If fully developed, Majid Al Futtaim says total project value could exceed $4 billion.
The expansion is also taking shape in West Cairo, where the group has begun EGP500 million of enabling works at JUNCTION, an office, hospitality and commercial development adjoining Mall of Egypt. Total planned investment in JUNCTION exceeds EGP20 billion.
Together, the projects give Majid Al Futtaim a broader presence across Greater Cairo’s two principal suburban growth corridors: residential-led development in the east and an extension of its established retail base in the west.
The shift comes as property development becomes a larger growth engine for the group. Development revenue rose 38% year on year in the first half of 2026, while its global development pipeline exceeded AED100 billion.
Majid Al Futtaim says it has invested about $2.8 billion in Egypt over 27 years and supported more than 226,000 direct and indirect job opportunities.
The strategic change is therefore broader than another property launch. Majid Al Futtaim is moving from operating individual consumer destinations towards controlling more of the surrounding urban ecosystem — housing, offices, hospitality, retail and entertainment.
The test is whether it can turn homes, offices and hotels into the recurring consumer demand that makes its retail model more valuable — effectively building the city before building the mall.
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