Dec 14 2008
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Emaar to construct $100m city in Egypt
The city is a gift from the President His Highness Sheikh Khalifa bin Zayed Al Nahyan, Ruler of Abu Dhabi, to Egyptian youth with limited income.
The municipality and Emaar will today sign a memorandum of understanding in the presence of Emaar Chairman Mohamed Ali Alabbar and Abu Dhabi Municipality General Manager Jumaa Al Junaibi. The MoU has final details of the project.
Al Junaibi said he is fully confident that Emaar will build the project on time and with the highest standards of building and finishing.
Emaar has expertise in such types of projects as it has other big housing schemes under way in Egypt, he said.
Al Junaibi said the municipality has received the land from Egypt's Ministry of Housing. Designs have been completed and the number of units increased to 16,000 from 10,000.
The $100m cost might increase because of changes in prices of building materials, said Al Junaibi, adding that Abu Dhabi will make available the funds needed to complete the project.
He said Abu Dhabi Municipality had earlier this year signed an MoU setting the basic lines of the project.
He said Sheikh Khalifa bin Zayed City is among the many gifts from the UAE that aim to create stability and development in Egypt. The city will be built over an area of two million square metres and will form a fundamental solution to Egyptian youths' quest for proper housing. Rents will be very nominal, said Al Junaibi.
He said the city would have health, education, entertainment and sports facilities in addition to a modern infrastructure. Al Junaibi expected housing units to be handed over four years after the start of construction work.
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