Egyptian real estate developer Midar for Investment & Urban Development, formerly Mostakbal for Urban Development Co., has announced plans to invest 20 billion Egyptian pounds ($646 million) in the next five years in the Mostakbal City master development in New Cairo. Midar noted that the investment will be separate from the funds being injected by other developers within Mostakbal City. In 2023 alone, Midar intends to invest $162 million in the master development, following its $354 million investment in 2022.
Midar has been selected to participate in the government's privatisation and pre-initial public offering preparation programme. Mostakbal City spans 200 acres and includes 28 residential, entertainment, educational, and commercial projects divided into three phases. The city features a wide range of projects, and various prominent developers are involved in residential developments within the city. Notably, numerous prominent developers such as Hassan Allam Properties, Tatweer Misr, and Arab Contractors are involved in residential projects within the city.