One of Dubai’s largest family-owned conglomerates signed a deal with an Egyptian state-linked developer to build a $3.1 billion real-estate project in Egypt’s New Cairo district, days after a visit by the UAE president to the country.

Dubai’s Majid Al Futtaim, which owns some of the region’s largest malls and retail brands, signed a deal with Egypt’s MIDAR for Investment and Urban Development to build around 6,000 residential units, hotels, and commercial spaces.

UAE government-linked firms have provided billions of dollars of investment to shore up the Egyptian economy in the past few years, most notably a 2024 agreement to invest $35 billion to develop Ras El Hekma into a Mediterranean tourist destination. Egypt has responded with help in the other direction, sending a squadron of fighter jets to the UAE during the Iran war as part of efforts to demonstrate support.