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, a top company official said.

Ayman ElKousey, Midar's Managing Director and CEO, told Zawya Projects that 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 said Midar had been selected for the government's privatisation and pre-IPO preparation programme.

The 200-acre Mostakbal City east of Cairo encompasses 28 housing, entertainment, educational and commercial projects with three phases.

Midar said in a related 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.

Read more: Egyptian developer Midar outlines ambitious delivery plans

(1 US Dollar = 30.95 Egyptian Pounds)

(Writing by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@lseg.com)