Emaar Misr, the Egyptian subsidiary of Dubai-based Emaar Properties, will invest up to EGP 30 billion (USD 5 billion) in three real estate projects in the North African country by the end of 2012, making Egypt the developer's third-largest investment destination after the UAE and Saudi Arabia, a senior executive said.
"We sold 20% more real estate units in Egypt in 2011, compared to 2010, in spite of challenging conditions created by the Arab Spring," Emaar Misr general manager Hazem Ashry told Zawya.
The first phase of the Uptown Cairo project, after Emaar's agreement with Hassan Allam Holding for the construction of concrete structures of more than 200 new units in the project, will be implemented this year, Ashry said.
Uptown Cairo is spread over four million square meters on the Mokattam Hills, 200 meters above sea level. The new downtown will serve as a city within a city offering investment options in residential, commercial, retail and hospitality.
The other two projects scheduled for completion this year are Mivida and Marassi, he said. Emaar is the largest foreign direct investor in Egypt's real estate sector.
© Zawya 2012
