Emaar Misr, the Egyptian subsidiary of Dubai-based developer Emaar Properties, and Tahya Misr Fund have joined hands to implement a sustainable development scheme for Sidi Abdul Rahman village in Matrouh governorate.

Emaar Misr said in a press statement that under the cooperation protocol, the company will contribute 20 million Egyptian pounds ($1.3 million) to support the first phase of infrastructure and service improvements in Sidi Abdul Rahman village, which has a population of 4,479 people.

In April, the company had donated 10 million pounds ($630,000) to Tahya Misr Fund and the medical sector to support the government's efforts to deal with COVID-19 crisis, the statement said.

The real estate company is also backing one of the largest private sector-funded development projects in Egypt through Beyout Al Kheir project, the statement noted.

The project, launched in 2018 in cooperation with the Misr El-Kheir Foundation and the Ministry of Social Solidarity, commits Emaar Misr to building housing units for families in need for every unit the company builds in its projects across Egypt.

The first phase of Beyout Al Kheir involving the reconstruction and restoration of 1,000 housing units has been completed, the statement noted.

Emaar Properties CEO Mohamed Alabbar said the company "is particularly concerned with developing the communities in which it operates through a permanent partnership with the Egyptian government."

In August, Emaar Misr had announced that the second phase is expected to be completed by the end of 2020, adding that it has allocated 140 million pounds ($9 million) for first and second phases.

Emaar Misr has contributed 878 million pounds ($56 million) to date for Egyptian government-led national projects, according to the statement.

(1 US Dollar = 15.76 Egyptian Pounds)

(Writing by Syed Ameen Kader; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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© ZAWYA 2020