CAIRO, June 21 (Xinhua) -- Two leading companies from Egypt and the United Arab Emirates (UAE) signed here on Sunday a major strategic partnership agreement worth over 3.1 billion U.S. dollars to develop a mega integrated urban project in New Cairo, read a statement by the Egyptian Cabinet.
The project, located in Mada City, spans over 553 feddans (2.32 square km) and brings together Egypt's MIDAR for Investment and Urban Development and UAE-based Majid Al Futtaim Holding.
Attending the signing ceremony, Egyptian Prime Minister Mostafa Madbouly said the project embodies a successful model of private sector partnership, noting that a project of this scale is directly linked to around 90-95 different industries and services, creating sustainable job opportunities for hundreds of thousands of Egyptian youths and workers.
Majid Al Futtaim Holding CEO Ahmed Galal Ismail said the company's investments in Egypt since the 1990s have surpassed 2.8 billion dollars across 19 provinces, creating over 226,000 jobs.
MIDAR Managing Director and CEO Ayman Elkousey said the project could generate future returns exceeding 40 billion Egyptian pounds (about 830 million dollars), adding that MIDAR has attracted over 29 developers to execute 46 development projects in Egypt.
