MIDAR, a leader in the field of developing megacities, has announced the inauguration and the laying of the foundation stone for MERCATO, one of the largest integrated service areas in Mostakbal City. MERCATO area covers 22 acres in the third phase of the project and meets all the needs of the residents. The current investments for the area are EGP 500m, with future investments expected to reach EGP 1bn.
Ayman Elkousey, the Managing Director and CEO of MIDAR, highlighted the company’s commitment to fulfilling its obligations towards one of its mega projects in Egypt, Mostakbal City in New Cairo. He said that MIDAR is working hard to provide a unique model among the giant multi-use smart cities and equip them with the latest services and entertainment facilities to ensure the best quality of life for its residents. He added that Mostakbal City is the first choice for investors and real estate developers in Egypt and abroad, thanks to its variety of contracting policies for land development through sales or partnership.
Elkousey explained that MERCATO includes Al Moez Mosque, the first mosque in Mostakbal City, which spans 2.3 feddan and can accommodate 2,800 worshippers. He added: “The area also includes a police station, a fire station, a mall, a public transportation station for buses, a reception hall, and a restaurant area that features some of the most famous international brands.”
The company also announced the actual operation of one of its subsidiaries, WAYZ company, which is responsible for the city’s transport system. The transport system connects Mostakbal City with the main axes and roads outside the city and internally between the different phases and areas of the city. The routes have been allocated for the transport system (the subway station – Teseen Street – Heliopolis – Nasr City).
Additionally, the company announced the actual operation of the VIBES area, which is the first entertainment project in the first phase of Mostakbal City. VIBES area extends over 16 feddan, 2.5 feddan of which have been allocated to create an air-conditioned covered sports hall for Padel that consists of five panoramic courts. The VIBES area also hosts 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 cooperation with SR Padel, an Egyptian company for investment and project management that operates the Padel complex. The tournament was held in the VIBES area and witnessed the participation of 150 teams in indoor halls. It was marked by strong competition between the teams and significant public attendance. The championship enabled MIDAR to demonstrate Mostakbal City’s ability to host major sports and entertainment events that serve the urban development activities in the region.
Mostakbal City is located on 5,200 feddan, including 500 feddan of green spaces. Its general plan includes all urban and service patterns in its three stages. The city embraces 16 real estate projects developed by some of the largest real estate development companies, five educational projects, an administrative hospitality commercial project, another residential administrative project, a state-of-the-art commercial mall, four gas stations, and two administrative headquarters projects.
MIDAR 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.
