Global real estate major Emaar Properties has strengthened its Egyptian portfolio with landmark development projects that will boost the country’s tourism initiatives and invigorate the local economy by creating new townships and generating employment opportunities.
Apart from the EGP 10 billion (AED 6.30 billion / US$1.74 billion) Marassi development on a 7-km strip of tourism resort land that Emaar had won recently in an auction, the property developer has entered into strategic local partnerships to create luxury, master-planned communities.
“As an emerging market with strong market fundamentals, Egypt is of key importance to Emaar Properties in building the company’s international portfolio,” said Dr Nader Mohamed, Managing Director, Emaar Misr for Development S.A.E. “This reflects Emaar’s commitment to its Vision 2010 of becoming one of the world’s most valuable companies.”
Work is afoot on Emaar’s other projects including the EGP 22 billion (AED 15 billion / US$4 billion) master planned community at the highest point of downtown Cairo - Uptown Cairo. “Emaar projects in Egypt are niche developments that lead to creation of self-sustaining master-planned communities, which will invigorate local economies. The projects also generate employment opportunities,” added Dr Nader.
Uptown Cairo is being developed on the highest point of downtown Cairo and will integrate residential, commercial and retail components. “Emaar has a proven track-record of delivering 14,000 homes through master-planned community developments in Dubai,” said Dr Nader. “Uptown Cairo will replicate the same concept and targets the upwardly mobile Egyptian population that demands world-class developments.”
Emaar’s most recent initiative in Egypt is Marassi - the 1544-acre tourist resort project located on Sidi Abdel Rahman and Alamein. “To be completed within five-and-a-half years of receiving the land, Emaar will develop a resort with up to 3,000 hotel rooms, a marina, golf course, hospital, healthcare facilities and total township development,” said Dr Nader.
Emaar had strengthened its international presence recently with the acquisition of John Laing Homes, the second largest privately held homebuilder in the US; and Hamptons International, a premier UK realtor. The company is also opening a full-fledged representative office in China, and has unveiled prestigious projects in Saudi Arabia, Morocco, Pakistan, Tunisia, Turkey, Syria and India.