Emaar Misr, the Egyptian subsidiary of Dubai developer Emaar Properties, said on Sunday that it has awarded infrastructure and building works contracts worth 1.4 billion Egyptian pounds ($89.5 million) for Phase 1 of its Cairo Gate project in Sheikh Zayed.
The contracts were awarded to five companies, the developer said in a press statement.
Contracts were awarded to Kharafi National to build the basic infrastructure for the entire project; Dorra Constructions to build the infrastructure and 117 villas for Elan; Concrete Plus for 107 villas in Eden; Gama Construction for 329 apartments across seven buildings in Grand Residences; and Leeds General Contracting for developing the mock-up villas.
Launched in October 2019, the 133-feddan, 11.5-billion-pound ($735 million) Cairo Gate is Emaar Misr’s first project in West Cairo.
Mohamed Alabbar, founder of Emaar Properties, said Emaar Misr's business has been growing strongly since its entry into Egypt more than 15 years ago.
“During that period, the company's land portfolio reached more than 17.4 million square meters in five strategically distinct locations in East, West, and Central Cairo, as well as in the North Coast, while the volume of investments reached 200 billion pounds ($13 billion).”
Apart from Cairo Gate, Emaar Misr’s development portfolio includes Uptown Cairo in the center of Cairo; Marassi, a tourism-oriented lifestyle destination on the North Coast; Mivida, a residential development in New Cairo; and Belle Vie, the 500-acre project in New Sheikh Zayed City.
(1 US Dollar = 15.65 Egyptian Pounds)
(Writing by Marwa Abo Almajd; Editing by Anoop Menon)
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.