Santa Barbara California style residential and mixed-use community with easy access to American University in Cairo

A new developmental concept of smaller, smarter and cost-competitive homes

5,000 luxury homes set in 3.8 million sq m of master-planned green neighbourhood

Superior quality ready-to-live-in homes with attention to details

Urban city living highlighted in a suburban mixed-use environment

Reflecting the ethos of Mivida, meaning My Life, community developed with end-user needs in mind

Cairo, Egypt; February 11, 2009: Emaar Misr for Development S.A.E, the wholly owned subsidiary of Emaar Properties PJSC, has launched the EGP 5.75 billion Mivida community, a world-class, elegantly designed development in New Cairo City. Mivida is Emaar Misr's third integrated project in Egypt following Uptown Cairo and Marassi, both of them currently being developed on schedule.

Mivida is a pioneering developmental concept in Egypt as it introduces smaller, smarter and cost-competitive fully-finished, ready to furnish residences that uphold Emaar's world-class quality standards. The mixed-use project is a celebration of urban city living in a suburban setting, featuring homes, commercial space and other amenities in a truly 'work, live and play' environment. Mivida, meaning 'My Life,' is being developed to meet the lifestyle aspirations of residents with a focus on the highest quality standards that cover all aspects of living including healthcare facilities, schooling, retail, hospitality and business, all set in close proximity to the homes. 

The 3.8 million sq m development is centrally located in New Cairo City and is only about 1.5 km from the American University in Cairo and only 20 minutes away from the Cairo International Airport. The integrated neighbourhood will feature 5,000 world-class apartments, townhouses and villas in sizes starting from 230 sq m. It is designed by international architects, and set amidst immaculately landscaped parks and other community amenities. All homes are developed to the highest standards and require minimal fitting out time for customers to live in following interior design of their choice. Customers will receive ready-to-furnish residences with air-conditioning, kitchen cabinets, doors and floorboards.

Mr Sameh Muhtadi, Chief Executive Officer, Emaar Misr for Development S.A.E, said: "The launch of Mivida underscores our long-term commitment and confidence in the real estate market in Egypt. We strongly believe that the fundamentals of the market are robust and continue to present an attractive investment opportunity for both the local and the international markets. By offering world-class, well-designed units that suit smaller families, we are offering customers who value quality homes in an integrated community with several lifestyle amenities."

He added: "The construction of the Business Park and other infrastructure work is already underway, and master-planning has been completed. The model of the Mivida community is displayed at the Emaar Misr Sales Centre in Al Mukkatam. Sales of homes within the community will start shortly. Mivida will add to Emaar Misr's commitment to support Egypt's socio-economic growth by creating several hundred job opportunities."

Mivida highlights Emaar's core competencies in developing mixed-use communities cost-competitively by leveraging its expertise in superior standards of planning and implementing projects with attention to details. The focus of Mivida is on the end-user with all amenities integral to community living.

Mr Mohamed A. El Moshneb, Senior Director of Development, Emaar International, said: "The highlight of Mivida is its Santa Barbara California style ambience designed by international architects and featuring a mix of elegant villas and apartments designed in various architectural styles. One of the first fully integrated communities in New Cairo City, Mivida will feature a world-class hospital, several hospitality & leisure projects, commercial offices, retail outlets, a community centre, and several entertainment options that will appeal to all sections of customers. A central park sprawling over 30 acres of land will complement 222 acres of smaller community parks. "

Emaar Misr is one of the largest foreign direct investors in the country's real estate sector with a development portfolio of EGP 31.67 billion. Emaar's projects are specifically planned to energise the economy by creating growth engines that support employment creation and the growth of ancillary industries.

-Ends-

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 with a collective presence in over 36 markets spanning the Middle East, North Africa, Pan-Asia, Europe and North America.

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's expansion into Egypt is in line with the company's Vision 2010 to become one of the most valuable companies in the world.

Emaar has identified Egypt as a key market for growth, and has announced four key projects: The EGP 12 billion Uptown Cairo; the EGP 9.92 billion Marassi, a 1,544-acre tourist and residential destination at Sidi Abdul Rahman; the EGP 5.75 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.

About Emaar Properties PJSC:
Emaar Properties PJSC is a global property developer with a significant presence in 36 markets world-wide. Replicating its successful business model in Dubai, Emaar is extending its expertise in creating master-planned communities to international markets. Emaar is also developing new competencies in malls, hospitality & leisure, education, healthcare and finance, which have evolved from its integrated approach to customer service and property development.

Listed on the Dubai Financial Market, part of the Dow Jones Arabia Titans Index and certified to ISO9001:2000 for quality standards, Emaar is developing Burj Dubai, the world's tallest building and free-standing structure, and The Dubai Mall, one of the world's largest shopping and entertainment destinations. In Saudi Arabia, Emaar is developing King Abdullah Economic City, the region's largest private sector-led project. Emaar's portfolio currently covers the following countries: the UAE, Saudi Arabia, Jordan, Syria, Lebanon, Morocco, Egypt, Turkey, Libya, Algeria, India, Pakistan, China, Indonesia, the US, the UK, France and Canada.

Emaar has joined hands with Giorgio Armani and Accor Hotels to strengthen its presence in hospitality, and will launch ten luxury Armani Hotels & Resorts world-wide and 100 Formule 1 budget hotels in India. The company is opening educational institutions and healthcare centres in South Asia, Middle East and North Africa and the Subcontinent. Emaar acquired Singapore-based leading education provider, Raffles Campus, to extend expertise to its educational institutions.

Emaar holds 30 per cent equity in Dubai Bank, focused on retail and commercial banking. Emaar is also the largest shareholder in Amlak Finance, UAE's leading Islamic home financing company. For more information, visit www.emaar.com.

For further information, please contact:  
Nivine William / Sameh Selim, 
ASDA'A Burson-Marsteller
Tel: (+202) 33380991,
E-mail: n.william@asdaa.com, s.selim@asdaa.com

© Press Release 2009