Redevelopment of surrounding area to recreate Alexandria as intellectual and cultural capital
International design competition to decide best creative design solution
Project components to include convention centre, hotels, serviced apartments, exhibition space, office parks, museums and retail space
Emaar Misr given long-term lease for a period of 60 years to operate the project
Sharm El Sheikh, Egypt, May 21, 2006: Emaar Misr for Development S.A.E., a subsidiary of the UAE-based Emaar Properties and Artoc Group for Investment and Development, today signed a Memorandum of Understanding (MoU) with the Alexandrina Bibliotheca (Alexandria Library) for a waterfront redevelopment project.
Following the success of the inauguration of the new Alexandria Library in 2002 on the eastern harbour of Alexandria - almost exactly where the ancient Library of Alexandria stood, the redevelopment project aims to provide a spectrum of facilities on 'Kouta Land' on the west of the library, within a general vision for the whole area around the library and the entire historic old east harbour area.
The MoU marks the fifth major foray into Egypt for Emaar with announcements last year covering the 4 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 centre and exhibition centre, hotel, serviced apartments, commercial, office space and shopping village. More projects in Egypt are on the drawing board.
At the signing ceremony held in Sharm El Sheikh, Emaar Chairman Mohamed Ali Alabbar, Emaar Misr Vice Chairman Shafik Gabr and Dr. Ismail Serageldin, Director of Bibliotheca Alexandrina explained the vision behind the milestone project.
"It is truly an honour for Emaar to be working on this Bibliotheca Alexandrina redevelopment project. This project which is immersed in history is Egypt's window on the world. The launch of the Bibliotheca Alexandrina in 2002 offered a new center of knowledge unrealized since the times of the ancient Royal Library of Alexandria founded at the beginning of the 3rd century BC," said Mohamed Ali Alabbar.
Shafik Gabr added: "The success of the new library is what brings us here today; its success has paved the way for redevelopment of the surrounding area. The Board of Trustees has entrusted us with the project on the 'Kouta Land' next to the library, that will start the creation of a complete community - a district offering entertainment facilities, residential units, office spaces and much more."
Dr. Ismail Serageldin said: "Emaar was the perfect partner for this redevelopment project. As an internationally recognized company, their history of creating master planned communities is renowned. As we roll out this exciting chapter in Egypt's history, we look forward to bringing to life the area surrounding Bibliotheca Alexandrina and help the revitalization of Alexandria as a unique cultural centre for the world to experience."
The project is envisaged to be part of a broader vision that will contain hotels ranging from four and five star and will include conference and exhibition facilities, retail facilities, office spaces, residential buildings, aquarium, museums and cultural buildings and underground parking.
Plans for the project are already underway with the invitation to a short list of world-class architects for the submission of the most creative design solution for the area surrounding the library.
"This project will ensure Alexandria's stature at the forefront of intellectual and cultural cities in the world and it deserves the very best architectural design to bring it to life," added Alabbar.
Architects from around the world will be submitting their designs of the first phase of the redevelopment project next month and the winning projects will move forward to phase two.
With joint ventures and projects covering Saudi Arabia, Syria, Morocco, Tunisia, Turkey, India and Pakistan, Emaar is taking its winning formula first conceived in its home base Dubai to the rest of the world.
-Ends-
Note to Editors
About Emaar Properties PJSC:
Emaar Properties, the Dubai-based Public Joint Stock Company, is listed on the Dubai Financial Market and is part of the Dow Jones Arabia Titans Index. The company recently announced that its net profits for the first quarter ended 31 March 2006 reached AED 1.517 billion (US$406.9 million) - an impressive rise on the AED 1.325 billion (US$355.4 million) for the equivalent period. Emaar's net profits for the year ended 31 December, 2005 climbed 180 per cent, to a record AED 4.731 billion (US$1.288 billion). The figures represent a substantial increase on the AED 1.691 billion (US$460 million) for the year 2004.
The company has witnessed tremendous growth since its inception in 1997 and boasts a rapidly growing tenant base with more than 13,000 homes handed over to satisfied customers to date. Currently, it has several major real estate projects under various stages of development in Dubai including Arabian Ranches, Dubai Marina, Emirates Hills, The Views, The Meadows, The Springs, The Lakes and The Greens. The company also owns and manages the Gold and Diamond Park.
Emaar has started construction on its most ambitious UAE project to date, the AED 73 billion (US$20 billion) Burj Dubai Downtown development, which comprises the Burj Dubai - the tallest tower in the world when completed in 2008, The Dubai Mall, Burj Dubai Boulevard, The Lofts, The Old Town, The Old Town Island, The Residences, Business Hub, Burj Views, man-made lakes, landscaped parks and gardens. The company has joint ventures and projects across the region covering Saudi Arabia, Egypt, Syria, Morocco, Turkey, India and Pakistan.
Last year the award winning property developer announced plans to aggressively expand the retail sector with investments of over AED 15 billion (US$4 billion) to develop approximately 100 malls in the mega emerging markets of the Middle East, North Africa and the Indian subcontinent. In addition, Emaar has teamed up with Giorgio Armani S.p.A to build and manage 10 Armani hotels and resorts across the world; an Armani hotel will feature in Emaar's flagship Burj Dubai tower.
Recently the company also announced plans to expand its investments into the education and healthcare business. The education initiative will involve the establishment of international schools in the MENA region and India, which will offer premium quality education and an integrated curriculum for students ranging from kindergarten to tertiary levels. Emaar's healthcare diversification will see the company invest around AED 18.35 billion (US$5 billion) over the next decade in the MENA and South Asia markets with the construction of hospitals, clinics and medical centres and the investment in the provision of world-class healthcare services.
While continuing to actively pursue expansion in its core business of innovative, high quality real estate development, Emaar has diversified into related business lines to further build value for its 59,000 shareholders, which includes the Government of Dubai. Emaar owns and manages EMRILL, a joint venture with the UK-based Carillion which provides innovative property and facilities management services. Emaar also holds 30 per cent equity in Dubai Bank, focused on retail and commercial banking and is the majority shareholder in Amlak Finance, UAE's leading Islamic home financing company. For further information, please visit www.emaar.com.
For more information, please contact:
Kelly Home / Nivine William
ASDA'A Public Relations
Exclusive Affiliate of Edelman PR Worldwide
Middle East & North Africa
Tel: (+971 4) 335 5969;
Fax: (+971 4) 335 6080
E-mail: k.home@asdaa.com / n.william@asdaa.com
© Press Release 2006
