Midar Company for Investment and Urban Development, a leader in the field of developing mega cities, announced today the inauguration and the laying down of the foundation stone for “MERCATO” area, which is one of the largest integrated services areas at Mostakbal City that extends over an area of 22 acres in the third phase of the project thus to tailor to all residents’ needs at current investments of EGP 500 million, with future investments in the pipeline amounting to EGP one billion.
For his part, Engineer Ayman Elkousey, Managing Director and CEO of “Midar” Company for Investment and Urban Development, confirmed the company’s keenness on fulfilling all its obligations towards one of its mega projects in Egypt, this being “Mostakbal City” in New Cairo. According to Elkousey, “Midar” is exerting strenuous efforts to provide a unique model among the giant multi-use smart cities and supplying it with the latest services and entertainment facilities to ensure offering the best quality of life for its residents, and this in turn, prompts “Mostakbal City” to be the first choice for investors and real estate developers in Egypt and abroad through a variety of contracting policies for land development through sales or partnership.
Elkousey explained that “MERCATO” area includes “Al Moez” Mosque, the first in Mostakbal City, which extends over an area of 2.3 acres accommodating 2,800 worshippers.
He added: “The area also includes a police station, a fire station, a mall, a public transportation station for buses, reception hall and restaurants area which is comprised of the most famous international brands.”
The event also witnessed an announcement on the actual operation of one of the companies that is an offshoot of “Midar”, this being “WAYZ” company that is in charge of the city’s transport system, in order to connect the main axes and roads outside the city with Mostakbal City. The transportation system contributes to increasing the city’s occupancy rates and connects internally between the different phases and various areas of the city. In addition, the routes have been allocated for the transportation system (the subway station – Teseen Street – Heliopolis – Nasr City).
The actual operation of the “VIBES” area was also announced, which is the first entertainment project in the first phase of Mostakbal City extending over an area of 16 acres, 2.5 acres of which have been allocated to create an air-conditioned covered sports hall for “Padel” that is comprised of five panoramic courts, with a main one meeting international standards for holding tournaments. The VIBES also embraces an entertainment services area with four cafeterias that will be increased according to the general blueprint of the area, a medical clinic, a supermarket, and a bus stop.
Midar had concluded the activities of the first “Padel” tournament in Mostakbal City, which was organized in the VIBES area in cooperation with the Egyptian Company for Investment and Project Management SR Padel and this is responsible for operating the Padel complex. One hundred and fifty teams participated in the tournament that is the first to take place in indoor halls. It witnessed strong competitions between the participant teams and significant public attendance, especially after completing all the necessary preparations and infrastructure required for holding the tournament. The championship enabled “Midar” to pove the ability of Mostakbal City on hosting major sports and entertainment events thus to serve the urban development activities in the region.
It is noteworthy that Mostakbal City is located on an area of 5,200 acres, including 500 acres of green spaces, and its general plan includes all urban and service patterns in its three stages, and embraces the largest real estate development companies complex that are implementing 16 real estate projects, five educational ones, an administrative hospitality commercial one, another residential administrative project, a state of the art commercial mall, four gas stations, and two administrative headquarters projects.
Midar for Investment and Urban Development is considered as one of the largest urban development companies in Egypt, and one of the first to apply the general developer concept for giant residential and entertainment cities with integrated services and facilities.