Midar for Investment and Urban Development, the master developer of “Mostakbal City” and “Mada” in New Cairo, has signed a partnership agreement with Sixth of October Development and Investment Company (SODIC) to develop a fully integrated urban project in “Mada” City, with total investments amounting to EGP 110bn, Invest-Gate reports.
The partnership was announced during a press conference held in Mostakbal City, attended by Major General Amir Sayed Ahmed, Chairman of Midar; Eng. Ayman Elkousey, Managing Director and CEO of Midar; Eng. Fahd Abdulla Al Mahmood, Board Member and Deputy CEO of SODIC; and Eng. Ayman Amer, General Manager of SODIC, along with several board members and media representatives.
Under the new agreement, SODIC will develop a 500-feddan land plot in Mada City under a revenue-sharing model. The partnership aligns with Midar’s strategy to build integrated cities that meet modern living standards. It also reflects the strong economic ties between Egypt and the UAE, as SODIC is 85.5% owned by a consortium of Abu Dhabi’s Aldar Properties and ADQ Holding.
Eng. Ayman Elkousey, CEO of Midar, stated that the new partnership reinforces Midar’s success in becoming a platform for attracting major investments. He highlighted that this marks the company’s second partnership in Mada City, following a similar agreement with Emaar Misr eight months ago.
Elkousey emphasized that Midar’s commitment to continuous development has earned the trust of leading global, regional, and local developers. He expressed his delight in partnering with SODIC, calling it a strategic step that adds significant value to Egypt’s urban development landscape.
Eng. Ayman Amer, General Manager of SODIC, commented: “We are proud to partner with Midar in developing a new 500-feddan project within Mada City, one of Egypt’s pioneering fifth-generation cities. This partnership supports our expansion strategy in East Cairo, where we have been developing projects since 2008, totaling over 5,000 units across three major developments, in addition to our ongoing SODIC East project in collaboration with Heliopolis Company for Housing and Development.”
He added, “This collaboration marks an important milestone in SODIC’s journey toward creating sustainable, high-quality communities that enhance residents’ quality of life. We are proud to contribute to national projects that serve as a cornerstone of Egypt’s urban development strategy.”
Mada City, Midar’s newest development and one of Egypt’s leading fifth-generation cities, spans 5,800 feddans (approximately 25mn sqm) in New Cairo. It enjoys a prime location near the New Capital and Cairo International Airport, at the intersection of key routes including Al-Amal Axis, Cairo–Suez Road, and South Mostakbal Road connecting the Regional and Middle Ring Roads.