Emaar Misr consolidates growth plans

The priorities for Emaar Misr are the development of Marassi, a mixed-use tourism focused project on prime land in Sidi Abdel Rahman and Alamein; and Uptown Cairo, a master-planned community in the Mukattam district in the capital city. Emaar Misr further announced that it will soon unveil two new projects in Egypt.

As part of accelerating the development of the Marassi project, all original investors with reservation numbers will be offered the opportunity to be allotted the plots and apartments of their choice and engage them as active participants in the project.

"Emaar has fulfilled all Government conditions by successfully completing the acquisition of Emaar Misr, and the EGP9.92 billion (Dh6.39 billion, $1.74 billion) Marassi project is ready for roll out on schedule," said Alabbar.

Mohamed Anwar El Moshneb, Emaar Misr's Director, Development, will oversee the management and development strategy of Emaar Misr, which opens a new office at the Emaar Sales Centre in Uptown Cairo, Mukattam.

Emaar acquired the entire equity of Emaar Misr for Development S.A.E at a final committed deal valued at EGP808.9 million (Dh521.4 million; $141.99 million). Emaar Misr is currently the largest private Foreign Direct Investor in Egypt with an investment portfolio of EGP33 billion (Dh21 billion; $5.74 billion).

Marassi is a 1,544-acre tourist resort project located on Sidi Abdel Rahman and Alamein — the land won by Emaar in a bid for EGP998 million (Dh642.6 million, $175 million). Emaar will develop a resort with up to 3,000 hotel rooms, a marina, golf course, hospital, healthcare facilities and total township development.