MIDAR accelerates construction schedules in Mostakbal City, introduces penalties for delays

MIDAR for Investment and Urban Development has introduced revised and accelerated construction schedules for projects across Mostakbal City in New Cairo, alongside contractual guarantees and financial penalties for developers failing to meet agreed deadlines.

The company, master developer of Mostakbal City and MADA in New Cairo, said the measures follow agreements with developers operating in the city to accelerate project implementation and ensure the timely delivery of residential units and facilities to customers.

Ayman ElKousey, CEO and Managing Director of MIDAR, said the measures aim to strengthen oversight of construction progress across the city’s projects and ensure developers comply with contractual timelines and delivery commitments.

He added that MIDAR is adopting an approach based on regular monitoring, governance and advance planning, while continuing to provide the infrastructure, facilities and master plans needed to support project development.

ElKousey said the company has established specialised technical committees and will hold regular meetings with developers to assess implementation progress and identify potential delays. The committees will also recommend corrective measures to address challenges that could affect project completion schedules.

He noted that MIDAR is coordinating with relevant authorities to monitor implementation and ensure compliance with approved development plans.

The company will also provide facilities to developers to help them address economic challenges and maintain construction progress, while retaining the right to impose financial penalties in cases of contractual breaches, ElKousey said.

He added that developers had responded positively to MIDAR’s call to accelerate construction, citing their financial and technical capabilities as factors supporting faster implementation and compliance with delivery commitments.

MIDAR said it has attracted more than 36 developers and investors to its cities, including Saudi Arabia’s Sumou Holding, the UAE’s Emaar and Majid Al Futtaim, and Italy’s Gruppo GKSD.