The Egyptian developer had invested $354 million in the project in 2022
Egyptian developer Midar for Investment & Urban Development, formerly Mostakbal for Urban Development Company, plans to invest 20 billion Egyptian pounds ($646 million) in the coming five years in its Mostakbal City master development in New Cairo.
According to Ayman ElKousey, Midar’s Managing Director and CEO, the five-year plan is independent of the investments being made by developers in their projects within Mostakbal City. He said the company intends to invest EGP5 billion ($162 million) in the master development in 2023, noting that it had invested EGP11 billion ($354 million) in the project in 2022. He also added that Midar had been selected for the government's privatisation and pre-IPO preparation programme.
Midar said in a press statement that Hassan Allam Properties, Tatweer Misr, Al-Ahly Sabbour for Real Estate Development, Misr Italia, Arab Developers Holding, Wadi Degla Developments, Maxim for Investment, and Arab Contractors are developing residential projects exceeding 100 acres. At the same time, Ardic Developments, Beta Egypt for Urban Development, Grand Plaza for Real Estate and Tourism Investment and Housing and Development are involved in projects of less than 100 acres.
The 200-acre Mostakbal City located in the east of Cairo encompasses 28 housing, entertainment, educational and commercial projects with three phases.
