Easily accessible from Sheikh Zayed Residential and 6 October districts
World-class shopping brands, restaurants and cafes, and leisure outlets
Master-planning nearing completion
Cairo, Egypt; July 11, 2007: Emaar Misr for Development S.A.E, the wholly-owned subsidiary of Emaar Properties PJSC, has announced Cairo Gate, the largest lifestyle and entertainment mall to be developed in Egypt, at the EGP 4 billion (AED 2.58 billion; US$700 million) Cairo-Alexandria Desert Road project, Emaar's mixed-use development spread over 160 acres (670,000 square metres).
Phase 1 of the mall, with a gross leasable area of 250,000 square metres located near the Sheikh Zayed Residential development, 6 October district, Zamalek, Mohandiseen and Dokki areas, will anchor a multitude of world-class shopping brands apart from restaurants, cafés and leisure outlets with a strong outdoor theme. Two new hotels linked to the shopping mall are also being planned. Emaar Malls Group LLC, a wholly-owned subsidiary of Emaar Properties PJSC, will develop the mall in conjunction with Emaar Misr.
Cairo Gate has a frontage of one kilometre along the Cairo-Alexandria Desert Road near the Smart Village commercial precinct, and will complement the residential, hospitality and commercial components of Emaar Misr's development. The primary catchment areas including 6 October City and Giza have a population of over six million residents.
"Cairo Gate reiterates our commitment to the people of Egypt to create integrated lifestyle communities through our projects," said Mr Mohamed Ali Alabbar, Chairman, Emaar Properties. "The outdoor shopping mall is a new concept to Egypt, and with Cairo Gate, we want to bring a new lifestyle experience to Egypt that will appeal to all sections of the society. The lifestyle and entertainment mall will be a magnet for greater investment inflow and also generate employment opportunities for Egyptians."
Mr Sameh Muhtadi, Chief Executive Officer of Emaar Misr for Development S.A.E, added: "With Cairo Gate, Emaar Misr is positioning and pioneering retail opportunities in Cairo on par with innovative lifestyle shopping malls around the world. A strong shopping mall component is particularly important to Egypt, which is focused on long-term tourism growth strategies. Emaar Malls Group brings invaluable retail development expertise and relationships which will ensure a truly world-class shopping experience. As the driving force behind The Dubai Mall, the world's largest shopping centre and premier lifestyle destination, we are sure that the Emaar Malls Group will bring the same global standards to the Cairo Gate project."
Mr Alabbar added: "Emaar has diversified into malls, education, healthcare, finance, industry and hospitality & leisure in line with our Vision 2010 to become one of the most valuable companies in the world. Emaar Malls Group LLC, our wholly owned subsidiary, is developing 150 shopping malls in emerging markets in the Middle East and North Africa, the Indian Subcontinent and South Asia."
Emaar's Cairo-Alexandria Desert Road Community Project also envisages the creation of an office park with world-class facilities, residences and hospitality projects. Other amenities include healthcare centres, schools and places of worship.
Emaar is the single largest foreign direct investor in Egypt's real estate sector and is developing the EGP 12 billion (AED 7.7 billion, US$2.1 billion) Uptown Cairo; and the EGP 9.92 billion (AED 6.39 billion, US$1.74 billion) Marassi, a 1,544-acre tourist and residential destination at Sidi Abdul Rahman. Emaar Misr has announced the EGP 5.75 billion (AED 3.7 billion; US$1 billion) residential community located at the fifth district New Cairo City. Investor response to the launch of Uptown Cairo and Marassi has been overwhelming.
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About Emaar Properties PJSC:
Emaar Properties PJSC is one of the world's largest real estate companies and is rapidly evolving to become a global provider of premier lifestyles. Powered by its Vision 2010 to become one of the most valuable companies in the world, Emaar is charting a new course of growth with a two-pronged strategy of geographical expansion and business segmentation.
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 retail, hospitality and leisure, education, healthcare, finance and industry, 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, on its way to become the world's tallest tower, 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, India, Pakistan, Indonesia, the US, the UK, France and Canada.
An award-winning developer, Emaar has strengthened its product sale competencies, market reach and best practices through strategic acquisitions and joint ventures. Emaar acquired John Laing Homes, America's second largest privately held home builder; Hamptons International, UK's premier realtor; and formed a joint venture with US-based Turner International to strengthen execution capabilities.
Emaar has joined hands with Giorgio Armani and Accor Hotels to strengthen its presence in hospitality, and will launch ten luxury Armani resorts and hotels 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:
Kelly Home / Nivine William
ASDA'A Public Relations
Exclusive Affiliate of Edelman PR Worldwide in 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 2007
