Emaar Misr, the wholly-owned Egyptian subsidiary of Emaar Properties PJSC, has expanded its development portfolio in the country with two new mixed-use projects that will boost the local economy by generating employment, facilitating tourism growth and strengthening the domestic property market.
Company Chairman Mohamed Ali Alabbar unveiled the two community projects located at New Cairo City and on the Cairo-Alexandria Desert Road at a media conference held in Cairo last evening.
The two projects complement Emaar Misr’s Marassi and Uptown Cairo developments that have been revamped to suit a new masterplan with development on-going as per schedule. Emaar Misr is the largest private foreign direct investor in Egypt and the total development value of Emaar Misr’s projects is now EGP31.67 billion (AED 20.37 billion; US$5.54 billion).
“Emaar Misr has ambitious growth plans for Egypt, which is a key market in Emaar’s international expansion,” said Mr Alabbar. “The restructuring of Emaar Misr has given the company the desired impetus to build further on the Egyptian economy’s strong fundamentals and add value by creating more employment opportunities for the Egyptians and boosting the property sector through world-class developments.”
He added: “The community projects at New Cairo City and on the Cairo-Alexandria Desert Road are two valuable additions to our portfolio in Egypt that also highlight our commitment to the country’s economic progress. Emaar Misr’s projects are on par with our developments in 14 other countries world-wide.”
Emaar Misr is also in discussions with the Ministry of Housing to develop residential communities for the low- to middle-income segment. “We believe our contribution to the Egyptian society will be complete only through concerted attempts that address all segments of the society. Housing for the low- and middle-income segments is part of our corporate social responsibility, which is led by the needs of the markets.”
The EGP5.75 billion (AED 3.7 billion; US$1 billion) residential community located at the fifth district New Cairo City is close to the new campus of the American University in Cairo, and will spread over 3.8 million square metres. It will be an upscale residential community with approximately 5,000 residential units, and features amenities such as private clubs, restaurants, cafes, schools, swimming pools, healthcare facilities, shopping centres and places of worship.
The EGP4 billion (AED 2.58 billion; US$700 million) community development located at the start of the Cairo-Alexandria road is a residential-cum-commercial project. “The upscale development will spread over 160 acres (670,000 sq metres) and will have a mega shopping mall, an office park with world-class facilities, hotels and several residential components including townhouses, villas and apartments,” said Mr Mohamed Anwar El Moshneb, Director - Development, Emaar Misr. “To enhance the quality of living of residents, the project will also have advanced medical facilities, schools and places of worship.”
The EGP9.92 billion (AED 6.39 billion, US$1.74 billion) Marassi is a 1,544-acre tourist resort project located on Sidi Abdel Rahman (Alamein) – the land won by Emaar in a government bid for EGP998 million (AED 642.6 million, US$175 million). Emaar is developing a resort with up to 3,000 hotel rooms, a marina, golf course, hospital, healthcare facilities and total township development.
Uptown Cairo is an EGP12 billion (AED 7.7 billion, US$2.1 billion) mixed-use development spread over 4 million sq metres in downtown Cairo. The project will include a central town centre, private clubs, hotels, golf course, restaurants, cafes, schools, swimming pools, healthcare facilities, offices, shopping centres and places of worship.
Emaar is the pioneer of master-planned residential communities in Dubai, and develops several high-profile projects in the Middle East and North Africa region and the Indian Subcontinent. In Saudi Arabia, Emaar is developing the largest private sector-led project, King Abdullah Economic City. Emaar’s overseas development portfolio exceeds over EGP342 billion (AED 220 billion; US$60 billion). The company is building Burj Dubai, the world’s tallest tower in Dubai, which recently scaled 120 levels at over 422 meters and is the tallest structure in the Middle East and North Africa.