MIDAR for Investment and Urban Development kicked off backed by an optimistic outlook for the market and development industry of major cities in Egypt thus becoming an extension for El Mostakbal Urban Development, one of the important and major companies specialized in developing integrated and modern entertainment residential cities. Ayman ElKousey, MIDAR Managing Director and CEO, said that this step is a continuation of the major successes achieved by the company over the past period, as one of the first companies that applied the concept of the master developer "cities developer", which prompted New Cairo area to become a point of attraction for leading real estate developers in Egypt and abroad with their different specializations. He affirmed that the company's broad activities and its achievement of major growth rates were the nucleus to build on what was accomplished in this domain. According to ElKousey, the company laid down an ambitious plan for augmentation within the Egyptian real estate market by applying an innovative concept in the field of advancing and operating comprehensive major cities at the highest international quality standards via making use of the latest techniques followed internationally in this domain with the support of specialized market studies that have been prepared by major international consultancy bureaus tailoring to investors and customers' requirements equally. ElKousey stated that the company's ownership structure is comprised of major Egyptian financial entities; Banque Misr, the National Bank of Egypt, Misr Capital Company, one of the investment arms of Banque Misr, the National Investment Bank, as well as a selection of the best Egyptian figure working in field of urban development that all enjoy prestigious records of achievements in this field both within and outside Egypt. He said that the company's board of directors has a clear vision for enhancing the added value concept and increasing investment opportunities in all of our projects to support the state's plans for achieving comprehensive and sustainable development in Egypt's vision 2023, moreover, he assured that they are seeking to achieve complementarity with distinguished urban communities in this region as well as providing all attraction factors to major investors in Egypt and abroad. He further added that MIDAR is proudly selected as one of the major companies for privatization programme and Pre IPO preparation by the government ElKousey continued by saying for this reason, we constantly seek to provide and apply innovative solutions for environmental sustainability within our projects topped by Mostakbal City, a mega integrated urban community that is environmentally friendly with a total area amounting to 5,200 feddan in the east of Cairo encompassing 28 urban, entertainment, educational and commercial projects with its three phases alongside utility network and infrastructure that MIDAR is implementing in the city. ElKousey asserted that the development plans of Mostakbal City are in full swing in which the company added a number of attraction and entertainment elements such as carrying out sports, services, and commercial projects with the objective of achieving complementarity with urban projects that have been developed in the city together with executing infrastructure works and connecting utilities, road, water, electricity, communications and sanitary drainage networks, firefighting services, connecting natural gas, master planning and landscaping and all that's related to the management of facilities for each developer in the city is carried out according to specified schedules. He revealed that MIDAR obtained the required security approvals for establishing the first police station at Mostakbal City, providing a firing platform, and rapid intervention vehicle, promoting security system and civil protection besides educational, medical, commercial, administrative, entertainment, international hotels facilities, banking services, gasoline stations, and other vital facilities. It has contracts with 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, with the objective of developing residential projects of areas surpassing 100 feddan. The city also embraces other residential projects that are implemented in an area of not less than 100 feddan that are developed by Ardic Developments, Beta Egypt for Urban Development, Grand Plaza for Real Estate and Tourism Investment, and Housing and Development Properties, affiliated to the Housing and Development Bank.
