Dubai’s MAF plans $3.1B New Cairo development

Dubai’s Majid Al Futtaim and Egypt’s MIDAR for Investment and Urban Development signed a $3.1 billion deal to develop 6,000 residential units, hotels, and commercial spaces in New Cairo. The project follows increased UAE investments in Egypt, including a $35 billion agreement to develop Ras El Hekma, and reciprocal support like Egypt sending fighter jets to the UAE during the Iran war.