Real estate developer Cornerstone Development has signed a contract with MIDAR for Urban Development and Investment to develop a 60-acre project in the third phase of the Mostakbal City project in New Cairo, Invest-Gate reports

The deal aligns with Cornerstone Development’s commitment to expanding its portfolio by selecting prime locations and engaging in partnerships to add value in Egypt.

The objective is to execute a comprehensive urban project adhering to the latest construction standards and incorporating cutting-edge sustainability, building, and green technologies in collaboration with a New York-based consulting firm.

As owner and master developer of Mostakbal City, MIDAR has established itself as a successful model for integrated mega-city development.

MIDAR’s Managing Director and CEO Ayman ElKousey said the partnership stems from his company’s eagerness to work with key players with unique ideas and expertise in Egypt.

Elkousey highlighted Mostakbal City’s role as the urban extension of East Cairo across 5,200 acres, emphasizing MIDAR’s dedication to supporting projects with sustainable development, advanced infrastructure, and innovative solutions.

For his part, Cornerstone Development Chairman and CEO Ashraf Boulos said the decision to invest in Mostakbal City was based on studies showing its excellence.

He highlighted its ongoing progress in facilities, services, and popularity among New Cairo property seekers, and credited MIDAR’s careful planning of wide streets and centralized services, enhancing project values and the city’s integration with the New Administrative Capital.

Cornerstone Development boasts international and local real estate investment expertise. It is currently developing The Curve compound in a prime New Capital location near landmarks including the airport and Republican Palace. The vision is to deliver modern, sustainable, and luxurious designs, balancing environmental preservation and investment returns.