UAE real estate giant Emaar Properties announced on Monday plans for a Dh6.3 billion mixed-use project in Egypt that will extend over a 7-km, 1,544-acre tourist resort area on Sidi Abdel Rahman and Alamein.
The ‘Marassi Development,’ said Emaar, is expected to be completed within five-and-a-half years of receiving the land for the project, which it recently won the land in an auction according to Gulf News.
Emaar will develop a resort with up to 3,000 hotel rooms, a marina, golf course, hospital, healthcare facilities and total township development.
The new project brings the total value of Emaar's Egypt ventures to more than Dh21.30 billion. Emaar has five master planned mixed-use community projects in Egypt, inlcuding Cairo Heights, Uptown Cairo, Smart Village, Bibliotheca Alexandria and Marassi development.
"The value of the other projects has not yet been announced as the master plans are in progress," said an Emaar source.
"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 Mohammad, managing director, Emaar Misr for Development.
"This reflects Emaar's commitment to its Vision 2010 of becoming one of the world's most valuable companies,” he added.
"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," he added.