SHARM EL SHEIKH, May 21 (KUNA) -- Emaar Misr for Development, a subsidiary of the UAE-based Emaar properties and Artoc Group for investment and development signed a Memorandum of Understanding (MoU) on Sunday with the Alexandria Bibliotheca (Alexandria Library) for a waterfront redevelopment project.
At a press conference held on the sidelines of the World Economic Forum (WEF) on the Middle East, Emaar Chairman Mohammed Ali Al-Abbar said it was an honor for Emaar to be working on this project which is immersed with history.
He said the launch of the Bibliotheca Alexandria in 2002 has offered a new center of knowledge to the people.
He noted that the success of the new library has paved the way for the redevelopment of the "Kouta Land" project next to the library. The "Kouta Land" project is the construction of a complete district offering entertainment facilities, residential units, office spaces, exhibition facilities, aquarium, museums, cultural buildings, underground parking and four and five star hotels.
Al-Abbar said an initiation to a short list of world-class architects for the submission of the most creative design for the area surrounding the library is underway.
In addition to Al-Abbar, Emaar Misr Vice Chairman Mohamed Shafik Gabr and Dr. Ismail Serageldin Director of Bibliotheca Alexandrina attended the signing ceremony.
The Mou marks the third major foray into Egypt for Emaar with announcements last year covering four million square meters Cairo Heights residential, commercial and recreation development as well as a 280-acre integrated community based in Egypt's Smart Village featuring a convention center and exhibition center, hotel, serviced apartments, commercial, office space and shopping village.
