EGP 250 million investment by Emaar Misr

Cairo, Egypt; May 3, 2010: Emaar Misr, the wholly-owned subsidiary of Emaar Properties, has begun construction of The Emaar Drive Project, a new road infrastructure development that will connect Uptown Cairo, its master-planned community, to the 6th of October bridge and the Ring Road. The EGP 250 million project will directly link Uptown Cairo to key destinations in central and greater Cairo.

Phase One of The Emaar Drive Project will enhance ease of access of travelers coming from West Cairo areas such as Mohandessin and Zamalek through 6th of October Bridge, to the last exit landing on the extension of Ramsis Street.  The new road will connect directly to Uptown Cairo's main gate on the Nasr city side. The trip time from the 6th of October Bridge exit to the Uptown Cairo gate through the new road will be less than 3 minutes.

Phase two of the road project will link Uptown Cairo to the ring road and New Cairo through Shaheed Highway, and will be completed by 2011. This also complements the Government's plans to move government entities to New Cairo to overcome the congestion and space constraints in downtown Cairo and facilitate commuting to and from central Cairo to New Cairo.

The first phase of The Emaar Drive Project is scheduled for completion later this year. This is to ensure the road is ready for Uptown Cairo customers, who will receive their homes in the first phase of the development in the coming months.   

Mr Hazem Ashery, General Manager, Emaar Misr, said that one of Uptown Cairo's main attractions is its ideal location. "Uptown Cairo is the only new development being built in Central Cairo. No other project can offer the same location advantage as that of Uptown Cairo, and The Emaar Drive Project brings the community even closer to the centre of Cairo."

The Emaar Drive Project will consist of two roads of three lanes, together sprawling a length of over 3 km. Phase one is a 1.5 km long and 37 meters wide road while phase two is a 1.5 km long and 48 meters wide road. Together, the roads are expected to serve over 5,800 vehicles daily, currently commuting to and from key areas in central and New Cairo.

The three-lane roads are built to international standards and specifications and will be built and maintained by Emaar Misr. The company will undertake daily cleaning and yearly asphalt works for the road in addition to monthly sidewalk landscaping and lighting maintenance.

With 2,000 construction workers and engineers on site, construction is progressing rapidly at Uptown Cairo in preparation for handover of phase one of the project in the coming months.  Work has begun on the interior finishing of residential units, as external work is reaching its final stages. Final touches are simultaneously being added to the Golf Clubhouse interior, which will also open shortly. 

Uptown Cairo, the pioneering master-planned golf community in Egypt, is developed to world-class quality standards to include all needed amenities. Located some 200 metres above sea level, the neighborhoods offer residents the comfort of cooler climate, lower pollution levels and spectacular views from the hilltop of the city. The fully integrated community is divided into gated urban villages, each constructed around a golf course and enjoying an individual community centre.

Emaar Misr is also making rapid progress on Marassi, where the first phase of homes will be completed in the coming months. In Mivida, work on the Business Park is progressing as per schedule.

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About Emaar Misr for Development S.A.E
Emaar Misr for Development S.A.E is the wholly owned subsidiary of the UAE-based Emaar Properties PJSC, a global property developer. Emaar Misr is one of the largest foreign direct investor in Egypt's real estate sector with an investment portfolio of EGP 31.67 billion. Emaar has identified Egypt as a key market for growth, and has announced four key projects: The EGP 12 billion Uptown Cairo; the EGP 10 billion Marassi, a 1,544-acre tourist and residential destination at Sidi Abdul Rahman; the EGP 6 billion Mivida residential community located at the fifth district; and the EGP 4 billion 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. Emaar has also partnered with Abu Dhabi Municipality to manage the H.H. Sheikh Khalifa Bin Zayed Residential City aimed at providing housing for the Egyptian youth.

About Emaar Properties PJSC
Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer with a significant presence world-wide. Besides building residential and commercial properties, the company also has proven competencies in shopping malls & retail, hospitality & leisure, education and healthcare.

For further information, please contact:
Omnia Samra / Nivine William
ASDA'A Burson-Marsteller
Tel: (+202) 33380991
E-mail: o.samra@asdaa.com / n.william@asdaa.com

© Press Release 2010