Cairo, Egypt – 22 August 2019: Real estate developer Emaar Misr has awarded Arabtec Holding PJSC (Arabtec or Group), a leading contractor for social and economic infrastructure, that is wholly-owned subsidiary Arabtec Construction an AED 405 million (EGP 1.844 billion) contract by Emaar Misr for the construction of new communities comprising 449 residential units in its Uptown Cairo Development in Egypt. The contract works will commence immediately for a duration of 27 months and will also include the construction of two new villages in Uptown Cairo.
Uptown Cairo is an integrated development located in the heart of Egypt’s capital with easy access to east and west Cairo through a well-developed road network. The residential units in Uptown Cairo are finished to a luxurious standard and the development offers contemporary living with spacious terraces and uninterrupted views overlooking the city lights.
Arabtec Construction Chief Executive Officer, Boyd Merrett comments: ‘We are delighted to be awarded another package in the Uptown Cairo development by Emaar in Egypt, which is presenting a strong pipeline of opportunities underpinned by population growth and a stable economy. We look forward to building on our solid track record with Emaar Misr and to delivering another successful village in the Uptown Cairo Master Development’.
Emaar Misr is always keen on choosing the best companies with a long history of excellence in construction,’ said Mohamed Al Abbar, Chairman of Emaar Properties. Emaar Misr always strives to offer high quality residential communities to its customers, starting from the infrastructure of their projects. ‘We are all well-aware of the importance of investment in the Egyptian real estate sector because of its strong opportunities supported by population growth and economic stability in the country, as well as investment incentives provided by the political leadership,’ Al Abbar added.
About Arabtec Holding:
Arabtec is a leading contractor for social and economic infrastructure. The Group improves the quality of life of people living in the communities that it creates. Arabtec’s impressive list of completed projects includes iconic buildings such as the world’s tallest building, the Burj Khalifa in Dubai, Abu Dhabi landmark, the Emirates Palace Hotel and Louvre Abu Dhabi Museum; as well as other technically challenging work on airports and related infrastructure. Arabtec was the first private construction firm to list on the Dubai Financial Market in 2005. Today, the Group consists of numerous subsidiaries with specializations spanning all segments of the construction cycle, with a vision of building the future.