Emaar Misr, the wholly-owned subsidiary of the UAE-based Emaar Properties PJSC, has identified Egypt as a key market for growth, and has announced four key projects: Uptown Cairo; Marassi, Mivida and Cairo Gate.
The Uptown Cairo with an investment of EGP 12 billion residential, commercial and leisure development is located at the highest point of downtown Cairo - Mokattam Hills. Spread over 4.5 million sq.mt., this self-contained development features a wide array of facilities including a business park, town centre, mall, resorts, spa, sports & leisure facilities, a world-class golf course and a variety of luxurious residential villages.
Marassi is a 1,544-acre tourist resort project of development valuing EGP 10 billion. Located on Sidi Abdel Rahman and Alamein – the land was won in a keenly contested bid for EGP 998 million. Marassi has a prime location along the North Coast, offering extensive beachfront. The first homes within Marassi will be handed over by end of 2010. The resort will feature up to 3,000 hotel rooms, a marina, golf course and healthcare facilities. The first phase of the Beach Club has been completed. The Marina in Marassi will be the largest in the region with its own dry storage facility.
Mivida with an EGP 6 billion residential development is at the 5th district, New Cairo City located near the new campus of the American University in Cairo. It is erected on 3.8 million sq.m. and features 5,000 homes. A central park sprawling over 30 acres of land, 222 acres of smaller parks, construction of Business Park and other infrastructure work is progressing.
Cairo Gate, an EGP 4 billion mixed-use development, spread over 160 acres (6,70,000 square meters) is an upscale development located at the Cairo - Alexandria desert road.
Interestingly, Emaar Misr has signed a MoU with Abu Dhabi Municipality to develop a 2.2 million sq m project named ‘H. H. Sheikh Khalifa City’ in New Cairo. The cost of the project is $100 million. It is in development with the guidance of the Egyptian Ministry of Housing, Utilities and Urban Development. It is a social project aimed at providing homes and jobs for the Egyptian youth.
Emaar Misr is one of the largest foreign direct investors in Egypt’s real estate sector with an investment portfolio of EGP 31.67 billion.
Meanwhile, Emaar Morocco, the country-subsidiary of Emaar Properties PJSC, is also introducing the innovative ‘Street of Dreams’ at Tinja which is nearing its completion.
Tinja, situated in 300 hectare land is a part of $5.34 bn MoU signed with the Moroccan government.