In a move that enhances cooperation between Egypt and the UAE, the Egyptian Cabinet announced the signing of an investment partnership contract worth $3 billion. This represents an Emirati-Egyptian project in New Cairo that embodies expansion in the urban and intellectual sectors. Midar for Investment and Urban Development will collaborate with Majid Al Futtaim Group to develop an urban project spanning over 500 acres, which will add significant value to the local economy.
Details of the Massive Project
The Egyptian Cabinet clarified in an official statement that the Emirati-Egyptian project in New Cairo includes entertainment and commercial aspects, as well as various restaurants and factories, ensuring a wide range of services and offerings for residents and visitors. Ahmed Galal Ismail, CEO of Majid Al Futtaim, emphasized the magnitude of this project, noting that it is “the largest in the group’s history in Egypt.”
Location of the Project and Its Economic Impact
The project is located on an area of 553 acres in the heart of the partnership city, making it a vibrant center that attracts various investments. Mostafa Madbouly, the Egyptian Prime Minister, pointed out that the project will create new job opportunities and boost the local economy by enhancing productivity and developing skills within the workforce.
Future Vision
The Emirati-Egyptian project in New Cairo, with a cost of $3 billion, represents a strategic step toward strengthening economic relations between Egypt and the UAE. With ongoing developments and updates in this sector, the project is expected to become a model for integrated Arab investment.