Emaar unveils new Egypt project

Dubai: Emaar Properties yesterday announced the development of a Dh6.3 billion mixed-use project in Egypt, Marassi Development, that will stretch across a 7-km strip of tourist resort land, the company said in a statement.

With this, the total value of Emaar's two Egypt ventures has crossed Dh21.30 billion, as the Dubai-based developer presses ahead with massive mixed-use and tourism projects in Egypt.

Emaar recently won the land in an auction.

Marassi stretches over a 1,544-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.

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.

Strong fundamentals

Work is afoot on Emaar's other projects including the 22 billion Egyptian pound (Dh14 billion) master planned community at the highest point of downtown Cairo Uptown Cairo.

"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.

"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.

Uptown Cairo is being developed on the highest point of downtown Cairo and will integrate residential, commercial and retail components.

Expanding in Egypt

A computer-generated image of Emaar's Uptown Cairo.