In the presence of the Prime Minister and Minister of Housing, Utilities, and Urban Communities.
Emaar Misr signs Cairo Gate land deal and receives letter of allocation for new land in Sheikh Zayed.
Total investments in Cairo Gate project amount to EGP 11.5 billionโฆ and EGP 37.8 billion investments in Sheikh Zayedโs land.
Alabbar: Our discussions with the Egyptian government have always yielded positive results and we believe in the strength of the Egyptian economy.
Cairo, 28th of November 2019 โ Emaar Misr has announced the signing of the final agreement with the New Urban Communities Authority (NUCA) for Cairo Gateโs fully-integrated community, located in Cairo-Alexandria Desert Road and spanning an area of 120.9 feddans, with total investments of EGP 11.5 billion, in addition to receiving the allocation letter for 500 feddans in Sheikh Zayed to develop a fully-integrated housing project with investments reaching EGP 37.8 billion.
The deal was finalized between Emaar Misr and NUCA at the Cabinetโs headquarters in the presence of Prime Minister Mostafa Madbouli and Engineer Assem El-Gazzar, Minister of Housing, Utilities, and Urban Communities, and NUCAโs Vice President for Financial Affairs along with Mr. Mohamed Alabbar, Chairman of Emaar Properties, and Mr. Jamal bin Thaniah, Director of Emaar Misr.
Emaar Misr has paid EGP 1 billion as the first installment for the lands of both Cairo Gateโs project and Sheikh Zayedโs residential project with expectations of investments in Cairo Gate to reach EGP 11.5 billion and EGP 37.8 billion in Sheikh Zayedโs land as Emaar Misr, after being allocated the 500-feddan land in Sheikh Zayedโs extension, aims to increase its real estate portfolio and expand in west Cairo by building fully-integrated communities.
Following the signing of the deal, Mr. Mohamed Alabbar, Chairman of Emaar Properties, said: โOur discussions with the Egyptian government have always yielded positive results and we, at Emaar, believe in the strength of the Egyptian economy and its increasing growth, especially in the recent period with the Egyptian stateโs continuous motivation and incentives to investors, particularly that the Egyptian market is complex and permits business diversity in different sectors.โ
Alabbar added: โWith Emaar Misrโs signing today of the final agreement for Cairo Gate, which spans an area of 120.9 feddans in Sheikh Zayed, we will start launching and executing the project in the coming period. We are also looking into more investment opportunities in Egyptian cities and increasing Emaarโs land portfolio in Egypt, as the real estate and tourism sectors in the country are two of the most important and promising sectors.โ
Emaar Misr has so far developed 6 million square meters of land in Egypt and owns 15.4 million square meters of land across New Cairo, central Cairo, and the North Coast, with a total investment value of over EGP 35 billion.