MIDAR Tightens Construction Deadlines for Mostakbal City Developers

MIDAR for Investment and Urban Development has implemented revised construction schedules for projects in Mostakbal City, introducing financial penalties for developers who fail to meet deadlines. The master developer intends to enforce stricter oversight to ensure the timely delivery of residential units and infrastructure.

Establishing New Governance

The company announced that it has reached agreements with developers currently operating within Mostakbal City and MADA in New Cairo. MIDAR CEO and Managing Director Ayman ElKousey stated the new measures are designed to strengthen monitoring of construction progress. The company is adopting a strategy focused on governance and advance planning to ensure developers adhere to their contractual delivery commitments.

Implementing Technical Oversight

MIDAR has formed specialized technical committees to oversee project implementation. These committees are tasked with conducting regular meetings with developers to assess progress and pinpoint potential delays. According to the company, these groups will recommend corrective actions for any challenges that threaten to derail completion schedules. MIDAR is also coordinating with relevant authorities to monitor compliance with approved development plans.

Balancing Support and Enforcement

While MIDAR retains the right to impose financial penalties for contractual breaches, it is also offering assistance to developers to navigate current economic challenges. ElKousey noted that developers have responded positively to the request for faster construction, citing their technical and financial capacity to meet targets. The company has attracted more than 36 investors, including Saudi Arabia’s Sumou Holding, the UAE’s Emaar and Majid Al Futtaim, and Italy’s Gruppo GKSD.

Current Status of Development

MIDAR continues to provide the necessary infrastructure and master planning to support ongoing projects. The company maintains that its focus remains on ensuring that residential units and facilities are delivered to customers according to the updated, accelerated timelines.