Business | Property
Emaar's Egyptian offshoot back on track to finish mega projects
Dubai's Emaar Properties yesterday said it has overcome its difficulties in Egypt and its venture there, Emaar Misr, will deliver projects on time.
- Staff Report
- Published: 00:00 April 17, 2007
Dubai: Dubai's Emaar Properties yesterday said it has overcome its difficulties in Egypt and its venture there, Emaar Misr, will deliver projects on time.
"Emaar has fulfilled all government conditions by successfully completing the acquisition of Emaar Misr, and the 9.92 billion Egyptian pound (Dh6.39 billion) Marassi project is ready for roll out on schedule," Emaar chairman Mohammad Ali Al Abbar said.
"We thank the government and the Housing Tourism and Cinema Holding Company for their trust in Emaar's ability to create world-class projects that will strengthen the country's economy. They have reiterated their support to Marassi, a landmark tour-ism project being developed by Emaar Misr."
Emaar Misr for Development, the wholly owned subsidiary of UAE-based Emaar, has consolidated its growth strategy in Egypt following the full acquisition of the company from local partners.
"Our commitment to growth, timely delivery of projects and customer satisfaction is unshakeable," Al Abbar said.
The priorities for Emaar Misr are the development of Marassi, a mixed-use tourism focused project on prime land in Sidi Abdel Rahman and Al Amain; and Uptown Cairo, a master-planned community in the Mukattam district of the capital. Two new projects in Egypt will be unveiled soon said the firm.
"Emaar Misr now has the freedom to shape our projects in Egypt in line with internationally accepted procedures and business practices in sales and marketing, construction quality, customer service and facilities management. These are the practices that we follow in the 15 countries that we operate across the world and we aim to implement them without compromise in Egypt," he said.
As part of accelerating the development of the Marassi project, all original investors with reservation numbers will be offered the opportunity to be allotted the plots and apartments of their choice and engage them as active participants in the project.
Emaar Misr has opened a new office in the Emaar Sales Centre in Uptown Cairo, Mukattam.
Emaar acquired the entire equity of Emaar Misr for Development in a final deal worth 808.9 million pounds (Dh521.4 million). Emaar Misr is currently the largest private foreign direct investor in Egypt with an investment portfolio of 33 billion pounds (Dh21 billion).
Uptown Cairo is a 12 billion pound (Dh7.7 billion) mixed-use development on four million square metres. The project will include a town centre, private clubs, hotels, golf course, restaurants, cafes, schools, swimming pools, healthcare facilities, offices, shopping centres and places of worship.
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