Cairo, Egypt; May 8, 2008: Emaar Misr for DevelopmentEmaar Misr for Development S.A.E, the wholly owned subsidiary of Emaar Properties PJSC, has unveiled the components of its EGP 5.75 billion (US$1 billion) New Cairo City project - an elegant, Santa Barbara California-inspired residential and mixed-use development of 885 acres near the American University in Cairo and just 20 minutes from the Cairo International Airport.

A fully integrated community in line with Emaar's master-planned communities around the world, the project is located in the fifth district of New Cairo City. Its residential components include over 1,200 fully detached homes, 1,200 townhouses and 3,500 apartments. Other key components are more than 2 million square feet of commercial offices in a modern Business Park setting, an advanced 1 million sq ft Healthcare Center, two hotels, shopping centers and a world-class school. The architectural details and master-plan are being completed on a fast-track basis with the launch scheduled soon.

Emaar Misr is one of the largest foreign direct investors in the country's real estate sector with a development portfolio of EGP 31.67 billion (US$5.75 billion). Emaar Misr's current portfolio also includes the EGP 12 billion (US$2.1 billion) Uptown Cairo; the EGP 9.92 billion (US$1.74 billion) Marassi; and the EGP 4 billion (US$700 million) Cairo Gate mixed-use project on the Cairo-Alexandria Road.

Mr Sameh Muhtadi, Chief Executive Officer, Emaar Misr for DevelopmentEmaar Misr for Development S.A.E, said: "Emaar is going full-steam ahead with the four projects announced in Egypt. The strong investor response to Uptown Cairo and Marassi, and the interest generated by Cairo Gate signal the trust of the Egyptian public in Emaar's projects."

He added: "Our new mixed-use project in the fifth district of New Cairo City will complement our efforts in contributing to the rapid growth of Egypt by creating great places for businesses to thrive, and support the growth of sectors such as hospitality, retail and property."

The residential offering at the project includes elegant villas on gently sloping parks, townhomes and low-rise apartments with spacious balconies, all linked to a wide range of amenities ranging from heath & fitness facilities, bicycle paths, swimming pools and children's play areas to places of worship, community centres and retail centres. The Business Park will be an anchor for progressive companies seeking the best corporate facilities in a garden setting.

The 12 hectare Central Park and several kilometers of bicycle & walking trails will be the largest amenity within the project, linking all communities with active leisure activities. Shopping centers are modelled on the open-air lifestyle concept popular in California, featuring beautifully landscaped terraces & dancing fountains, spacious eateries under the sun & stars, and relaxing coffee shops to meet friends or do business. The town center is a lively palm tree-lined retail promenade blending the best of European city lifestyle and Santa Barbara architecture, and with leading retail brands & restaurants.

Another highlight of the project is The Healthcare Center featuring a medical research centre, offices and a full-fledged hospital. The Hospitality components include two hotels - a state-of-the-art Business Hotel on the Park and a resort-style hotel serving the Medical Center - both to be managed by top-notch international operators.

Mr Mohamed A. El Moshneb, Senior Director - Development, Emaar International, said: "The components of the project have been carefully balanced & designed to ensure that residents have a vibrant environment, where they can work, live and enjoy a wide range of entertainment & leisure options. The 'American Riviera' is a city with elegant Spanish-Moorish architecture, which is our inspiration for the project. We have engaged the very best planners, architects, interior designers and landscape architects to make our dream into a reality for our customers. It is a perfect fit to Emaar's approach to deliver fully integrated lifestyle communities by emphasizing on education, healthcare, shopping malls and hospitality & leisure apart from property development."

Emaar's expansion to Egypt is in line with its Vision 2010 to become one of the most valuable companies in the world through geographic expansion and business segmentation.

-Ends-

About Emaar Misr for DevelopmentEmaar Misr for Development S.A.E:
Emaar Misr for DevelopmentEmaar Misr for Development S.A.E is the wholly owned subsidiary of the UAE-based Emaar Properties PJSC, a global property developer with a collective presence in over 36 markets spanning the Middle East, North Africa, Pan-Asia, Europe and North America.

Emaar Misr is the single largest foreign direct investor in Egypt's real estate sector with an investment portfolio of EGP 31.67 billion (US$5.54 billion). Emaar's expansion into Egypt is in line with the company's Vision 2010 to become one of the most valuable companies in the world.

Emaar has identified Egypt as a key market for growth, and has announced four key projects: The EGP 12 billion (US$2.1 billion) Uptown Cairo; the EGP 9.92 billion (US$1.74 billion) Marassi, a 1,544-acre tourist and residential destination at Sidi Abdul Rahman; the EGP 5.75 billion (US$1 billion) residential community located at the fifth district New Cairo City; and the EGP 4 billion (US$700 million) commercial cum residential development on the Cairo - Alexandria desert road, which also features the largest outdoor shopping and entertainment destinations in the country, Cairo Gate.

About Emaar Properties PJSC:
Emaar Properties PJSC is one of the world's largest real estate companies and is rapidly evolving to become a global provider of premier lifestyles. Powered by its Vision 2010 to become one of the most valuable companies in the world, Emaar, ranked on the FT 500 Global companies, is charting a new course of growth with a two-pronged strategy of geographical expansion and business segmentation.

Listed on the Dubai Financial Market, part of the Dow Jones Arabia Titans Index and certified to ISO9001:2000 for quality standards, Emaar is developing Burj Dubai, on its way to become the world's tallest tower. Emaar's portfolio currently covers the following countries: the UAE, Saudi Arabia, Jordan, Syria, Lebanon, Morocco, Egypt, Turkey, Algeria, Libya, India, Pakistan, Indonesia, the US, the UK, France and Canada.

Emaar has strengthened its product sale competencies, market reach and best practices through strategic acquisitions and joint ventures. Emaar acquired John Laing Homes, America's second largest privately held home builder; Hamptons International, UK's premier realtor; and formed a joint venture with US-based Turner International to strengthen execution capabilities. Emaar has joined hands with Giorgio Armani, Accor Hotels and Premier Travel Inn to strengthen its presence in hospitality, and will launch ten luxury Armani Hotels & Resorts world-wide and 180 budget hotels in India.

Emaar holds 30 per cent equity in Dubai Bank, focused on retail and commercial banking. Emaar is also the largest shareholder in Amlak Finance, UAE's leading Islamic home financing company. For more information, visit www.emaar.com.

For further information, please contact:
Kelly Home / Nivine William/ Sameh Selim
ASDA'A Public Relations
Exclusive Affiliate of Edelman PR Worldwide in Middle East & North Africa
Tel: (+202) 33366 157;
Fax: (+202) 33356 080
E-mail: k.home@asdaa.com, n.william@asdaa.com , s.selim@asdaa.com

© Press Release 2008

 

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