Alabbar: The Egyptian government has placed the investment climate on the right path, by the testimony of international institutions… and the company is considering various investment opportunities in Egypt
Emaar Misr announces reaching an agreement with the Ministry of Housing on Cairo Gate’s project in Sheikh Zayed
Cairo, 3 October 2019 – Emaar Misr has expressed its appreciation for the Egyptian government’s efforts to reach a final agreement on Uptown Cairo project, putting an end to the dispute between Emaar Misr and El Nasr Housing and Development, a public sector company and a subsidiary of the National company For Construction and Development.
The announcement was made during a press conference held by Emaar Misr, today, in the presence of Mohamed Alabbar, Chairman of Emaar Properties, and Mr. Jamal bin Thaniah, Director of Emaar Misr, after reaching a final settlement between Emaar Misr and El Nasr Housing and Development, under the auspices of Dr. Hisham Tawfiq, Minister of Public Business Sector, and in the attendance of Engineer Assem El-Gazzar, Minister of Housing, Utilities, and Urban Communities.
For his part, Mohamed Alabbar, Chairman of Emaar Properties, expressed his happiness for signing the settlement and expressed his gratitude to the Egyptian government which has managed during the last period to place the investment climate on the right path, by the testimony of international institutions, adding that Emaar is considering various investment opportunities in a number of Egyptian cities such as Cairo, Ain Sokhna, and the North Coast, among others. He added that all cities in Egypt have rewarding investments and that the investments’ priorities are determined based on the company’s vision and the distinctiveness of the proposed slot of land.
Alabbar stated that Emaar Misr has finalized its agreement with the Ministry of Housing on the 121.5-feddan Cairo Gate administrative and residential project in Sheikh Zayed, with the project’s launching and execution slated to begin within the coming period. The company is also in the final stages of negotiations with the Egyptian government to buy a new land slot in Sheikh Zayed City.
During the press conference, Alabbar said that in spite of the success that Emaar gained in its projects in Egypt, the Egyptian market still carries substantial investment opportunities for the company, especially that the real estate market, along with the tourism sector and others, are witnessing yearly growth and genuine opportunities to attract domestic and foreign capital. He elaborated that Egypt is a large market with a population estimated at over 100 million people, thereby the real estate sector is observing an increased demand for housing units. This growth has led to the creation of more job opportunities, and this is evident in the size of labor that Emaar Misr employs, which amounts to over 15,000 direct and indirect jobs.
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.