Informed sources have stated that Emaar Egypt’s land plot is located near the Suez Road, which is considered a highly distinguished location. The company intends to establish a luxury residential project that includes service and entertainment components in line with its development policies in the local market.
The sources further explained that the negotiations between Emaar Egypt officials and the New Urban Communities Authority have reached the final stages in preparation for signing contracts for the project’s allocation, which may take about 15 years to develop.
It was noted that Emaar Egypt has been exploring expansion in the eastern region of Cairo due to the remarkable urban development in facilities and roads, in addition to benefiting from the increasing competitiveness of the local market compared to neighboring markets.
The sources confirmed that the recent period witnessed the Ministry of Housing, represented by the New Urban Communities Authority, showing interest in selling lands in the new cities, provided that the price is paid in foreign currency converted from abroad. This mechanism was used in the contract with Emaar Egypt.
It is worth mentioning that Emaar Egypt opened the “Address” hotel in November of last year in the Marassi area of the North Coast. At that time, Mohamed Alabbar, the company’s founder, stated that this step reflects the entity’s belief in the domestic market and its extended eagerness to invest in Egypt to transform it into a global urban tourist center.
AlAbbar added that Emaar Egypt aims to develop 10 hotels, equivalent to approximately 3,000 hotel rooms, in the North Coast with investments reaching 26.3 billion Egyptian pounds, including the hotels that have already been opened as well as others under construction.
During the first 9 months of the previous year, Emaar Egypt Development’s profits reached 4.98 billion Egyptian pounds, compared to 4.89 billion in the same period of 2022. The company also achieved 27 billion in contractual sales during the same period.
In October of the previous year, Emaar Egypt launched the first phase of “Cairo Gate,” its first project in West Cairo, which is located on an area of 133 acres in Sheikh Zayed, with investments reaching 11.5 billion Egyptian pounds.
Emaar owns several key projects in Egypt, including “Mivida” integrated community in New Cairo, Marassi in the North Coast, “Uptown Cairo” in Maadi, “Cairo Gate,” and “Belle Vie” in New Sheikh Zayed City, covering an area of 500 acres with investments of 38 billion Egyptian pounds, and “SOL” in the North Coast, which includes residential, tourist, and commercial units on an area of 518 acres.”
