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Egyptian developer Midar for Investment and Urban Development, formerly known as Mostakbal for Urban Development, is set to deliver 31,000 units in Mostakbal City in New Cairo by the end of 2025, the company's managing director and CEO said.
The company is the master developer of Mostakbal City.
Ayman ElKousey told Zawya Projects that the developer aims to deliver 5,000 units in Mostakbal City by the end of 2023.
"In 2024, we will deliver 14,000 units, and by 2025, we plan to deliver 12,000 units," he said, adding that the company is drawing up ambitious plans to expand within the country and the region.
Midar for Investment and Urban Development owns a land bank of 11,000 acres (equivalent to 45 million square metres) on the Cairo-Suez Road next to Madinaty, and more than 18 private sector companies are involved in developing its land bank.
The developer is owned 40 percent by Banque Misr; 34.42 percent by National Investment Bank; 10.94 percent by Arab Contractors Company; 9.9 percent by the National Bank, and 5.65 percent by Misr Capital.
It has allocated 5,200 acres, including west of the Middle Ring Road and east of Al-Amal Road, for the Mostakbal City project as an extension of New Cairo while retaining 5,800 acres west of Al-Amal Road, between the extension of New Cairo and the New Administrative Capital for future projects.
(Writing by Marwa Abo Almajd; Editing by Anoop Menon)
