Egypt Daily News – Engineer Ayman Al-Qusi, Managing Director and CEO of “Midar Investment and Urban Development” Company, said that the company owns lands with a total area of up to 46 million square meters distributed between the cities of “Mustaqbal City” and “Mada,” which are two integrated cities, stressing that his company seeks to achieving a qualitative shift in the concept of urban development through huge projects based on sustainable smart city standards.
He added, during a television interview on the CNBC Economic Channel, that “Future City” has attracted more than 20 developers and investors, and currently accommodates about 500,000 people, and the value of total investments in the city has exceeded about $7 billion, making it one of the most prominent integrated smart cities in Egypt.
Medar also announced the launch of the “Mada” project in 2024, which extends over an area of 25 million square meters and aims to accommodate 500,000 people, with investments expected to reach $14 billion. “Mada” will be one of the first fifth generation cities in Egypt, as it relies on artificial intelligence and Internet of Things (IoT) technologies, which strengthens “Mada”’s position as a leading developer in the field of smart cities.
During his speech, Al-Qusi confirmed that Midar was the first Egyptian company to obtain an “Internet of Things” license from the Telecommunications Regulatory Authority, which enhances the use of advanced technology in its projects to improve the quality of life in its communities. He added that the company relies on smart infrastructure that supports integrated systems for managing transportation, energy and facilities, with the aim of providing sustainable and environmentally friendly solutions.
He pointed out that “Midar” has established a group of specialized service companies to support its projects, such as “CIRCUIT,” which is responsible for managing electricity distribution and maintaining power stations, and “WAYZ,” which is working on developing a sustainable and environmentally friendly transportation system, in addition to “CTRL.” To manage city facilities.
Engineer Al-Qusi explained that the geographical location of the Midar lands represents a great competitive advantage, as it is located in a strategic area in eastern Cairo, making it a major focal point between New Cairo and the New Administrative Capital. The location is distinguished by its proximity to an integrated network of modern means of transportation, such as monorails,
The light rail train (LRT) and high-speed rail, along with new roads and axles. This distinguished connection enhances the value of “Midar” projects as investment hubs, and provides the ideal balance between residential and commercial areas, which supports the company’s vision of creating integrated and sustainable cities.
Engineer Al-Qusi added that MIDAR enjoys strong financial support from major banking institutions such as the Bank of Egypt, the National Bank of Egypt, and the National Investment Bank. These partnerships contribute to providing financial flexibility and discipline that ensure the company’s projects are implemented with high quality and efficiency, and also enhance the confidence of local and regional investors in the ability of “MIDAR” to achieve its ambitious vision.
