Egyptian and Emirati companies sign a partnership to develop an urban development project in New Cairo with investments exceeding $3 billion.

Cairo, June 21 (Reuters) - The Egyptian Cabinet said on Sunday that an investment partnership agreement had been signed between the Egyptian and Emirati private sectors.

He added that Midar Investment and Urban Development Company and Majid Al Futtaim Group will develop an urban development project in Mada City in New Cairo with investments exceeding three billion dollars.

Ahmed Galal Ismail, CEO of Majid Al Futtaim, said that this project is the largest in the group’s history in Egypt and extends over an area of more than 500 acres.

Egyptian Prime Minister Mostafa Madbouly said the project is located on an area of 553 acres and will include an entertainment and commercial section, "restaurants, food factories and clothing factories, all working to serve this project."





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