Elkousey: MIDAR’s Strong Financial Indicators Highlight Its Leadership in Applying the Concept of Master Developer for Sustainable Integrated Cities in Egypt
MIDAR for Investment and Urban Development, the founder and master developer of the mega-cities “Mostakbal City” and “MADA” in New Cairo, has announced its financial and operational results for the fiscal year 2024. The results reflect a significant increase in revenue and net profit growth rates, driven by the company’s successful partnerships with major real estate developers in Egypt to advance projects within MIDAR’s cities.
The company’s financial statements for FY 2024 revealed a remarkable revenue growth rate of 584%, underscoring the substantial progress in its operations over the past year.
In terms of net profit, MIDAR continued its strong performance in the Egyptian market, solidifying its position as the preferred investment partner for local, regional, and global entities seeking to develop world-class real estate and entertainment projects. The net operating profit for 2024 surged by over 500% compared to the profits achieved in 2023.
Eng. Ayman Elkousey, CEO and Managing Director of MIDAR for Investment and Urban Development, emphasized that these positive results reflect MIDAR’s established leadership, achieved through years of dedicated work in the Egyptian market. He noted that the company’s robust financial indicators demonstrate the success of MIDAR’s pioneering approach as the master developer of sustainable integrated cities in Egypt. This success further incentivizes major investment entities to partner with MIDAR in developing modern, integrated residential and entertainment cities.
Elkousey also expressed his pride in MIDAR’s recognition by the Ministry of Finance during the “Shokran” (Thank You) Conference, held in collaboration with the Egyptian Tax Authority. This acknowledgment highlights MIDAR’s pivotal role in supporting the government’s efforts to modernize the tax system. The honor reflects the state’s appreciation for leading economic entities that uphold transparency, foster partnership, and strengthen trust between the government and taxpayers.
About MIDAR
MIDAR for Investment and Urban Development was established in 2006 and is one of the largest leading companies in the field of investment and urban development in Egypt. It is among the first companies to implement the concept of a Master Developer for integrated residential and recreational cities in Egypt. MIDAR’s ownership structure includes a selection of major financial institutions in Egypt, such as Bank Misr, National Investment Bank, National Bank of Egypt, and the Arab Contractors Company.
MIDAR is considered the preferred partner for major investment entities, both Egyptian and foreign. The company owns a land portfolio estimated at about 11,000 Feddans in East Cairo. “Mostakbal City” is the first city launched by MIDAR, covering an area of 5,200 Feddans. MIDAR has successfully attracted more than 20 of the leading real estate development companies across various specialties to develop their projects in “Mostakbal City”.
Recently, MIDAR launched “MADA” city, which spans 5,800 Feddans with a 3-kilometer frontage along the Cairo-Suez Road. The city comprises distinct districts covering all aspects of life: the Residential District, Commercial District, Entertainment District, Educational District, Healthcare District, and Central Park District. MIDAR has also announced a partnership with Emaar Misr for Development to develop the first integrated residential project in MADA, with investments totaling EGP 100 billion.
In addition to the cities it has established, MIDAR has also founded a group of companies to serve the residents of its cities and investors with the highest quality standards. These include “CTRL,” responsible for facility management, “WAYZ” for transportation and mobility, and “CIRCUIT” for electricity distribution. All these companies were established using the latest systems and the highest technical standards, underscoring MIDAR’s unique approach in creating subsidiaries to deliver exceptional services to residents and investors.
For more details, please visit the website www.midar.org
