MIDAR for Investment and Urban Development, the master developer of “Mostakbal City” and “MADA” in New Cairo, announced the adoption of updated and accelerated implementation schedules to expedite project execution across “Mostakbal City.” This decision follows agreements reached with developers operating in the city on firm guarantees to ensure adherence to these schedules, alongside the imposition of contractual penalties for any future delays.
This comes amid a strong response from the real estate developers contracted with MIDAR to its call to accelerate implementation plans and ensure the timely delivery of residential units and facilities to customers, in line with the directives of H.E. President Abdel Fattah El-Sisi, President of the Arab Republic of Egypt, emphasizing the importance of honoring contracts concluded with citizens for real estate projects and avoiding delays in the delivery of units and facilities.
For his part, Eng. Ayman ElKousey, CEO & Managing Director of MIDAR for Investment and Urban Development, explained that these measures are part of MIDAR’s strategy to monitor construction and development progress across various projects in “Mostakbal City,” in cooperation with the real estate developers contracted with the company. This is achieved by adhering to the specified timelines for project implementation and the delivery of units to clients, accelerating the pace of urban development, with full compliance with the terms of the concluded contracts, in line with the objectives of Egypt Vision 2030.
ElKousey added that the company adopts an integrated approach to ensure the rapid completion of projects, through the adoption of an advanced management approach based on governance and proactive planning. This is complemented by the company’s commitment to providing essential facilities, services, and master plans for its cities, alongside its commitment to monitoring implementation and development processes.
ElKousey highlighted the prompt response of MIDAR’s real estate development partners to the company’s call to accelerate development plans, noting that their strong financial capabilities and distinguished technical and real estate expertise enhance their ability to expedite project execution and fulfill their contractual obligations. This helps safeguard customers’ rights and ensure that residential units and facilities are delivered according to the agreed-upon schedules. ElKousey expressed his appreciation for this response, which reflects the strength of the partnership and mutual trust between MIDAR and its real estate development partners.
ElKousey further explained that the most prominent monitoring mechanisms include the formation of specialized technical follow-up committees and the holding of intensive periodic meetings with developers to review the implementation status of each project and promptly take the necessary corrective measures to address any challenges that may affect compliance with the specified timelines for projects. He further noted that MIDAR continues to intensify its monitoring efforts in cooperation with the relevant authorities to ensure the implementation of the approved plans.
ElKousey affirmed that MIDAR is keen to strike a balance between supporting committed developers and ensuring their compliance with contractual obligations by providing a comprehensive package of facilities to help them overcome various economic challenges, while retaining its right to impose financial penalties in the event of any breach of contractual terms.
It is worth noting that MIDAR has successfully attracted more than 36 developers and investors across its cities, underscoring the confidence of the Egyptian and Arab real estate markets in the company’s capabilities and pioneering business model. The company’s commitment to monitoring project execution in accordance with approved schedules has been among the key factors attracting major regional and international companies to invest in MIDAR’s cities, including Saudi Arabia’s “Sumou Holding,” the Emirati “Emaar” and “Majid Al Futtaim,” along with the Italian company “Gruppo GKSD,” among others.
