Dubai, Feb 08th, 2009 (WAM): Emaar Misr for Development S.A.E, the wholly-owned subsidiary of Emaar Properties PJSC, has made strong progress on the development of the first phase of Marassi, the 1,544-acre residential resort project located by the scenic and historic Sidi Abdel Rahman and Alamein beach.

Structural work of villas and townhouses in two residential villages are 80pc complete, while work on other residential communities is progressing. A key leisure amenity of the project, the beach clubhouse will open to guests this summer, said a statement.

Work on the LE9.92bn Marassi is being undertaken round-the-clock for on-schedule completion and delivery of homes in the first phase by end of 2010. More than 300 professionals and skilled workers are currently employed on site, and Emaar Misr is working with leading Egyptian contractors and consultants on the various components of the project designed by an international team of architects.

Currently, the structural work for villas in the Victoria and Azura areas of Marassi are progressing at a fast pace. More than 47,455 cubic metres of concrete has already been deployed for the construction of the beach clubhouse, which will introduce a new leisure concept to the region when it opens this summer. The golf course will be another value-addition that is expected to attract European tourists to this all-year Mediterranean destination.

Marassi is accessible from the Burj El Arab and El Alamein airports, both offering direct connections to major European cities, and is only a two-hour drive from Cairo. When completed, the resort, situated near the picturesque Sidi Abdel Rahman bay with calm waters and white sandy beaches, will feature up to 3,000 hotel rooms, a marina, golf course and healthcare facilities.

Emaar Misr is one of the largest foreign direct investors in Egypt's real estate sector with an investment portfolio of LE31.67bn. Emaar is also developing the LE12bn Uptown Cairo; the LE5.75bn Mivida in New Cairo City and the LE4bn Cairo Gate located at the start of the Cairo-Alexandria Desert Road. Emaar has also partnered with Abu Dhabi Municipality to develop the Sheikh Khalifa Bin Zayed Residential City aimed at providing housing for the Egyptian youth.

Copyright Emirates News Agency (WAM) 2009.