PROJECTS: Emaar's Egyptian subsidiary plans 500-acre residential project in Sheikh Zayed City

PHOTO

Emaar Misr, the Egyptian subsidiary of Dubai-based developer Emaar Properties, said on Thursday that it has signed a development agreement with the New Urban Communities Authority (NUCA) to obtain land for a residential project in Sheikh Zayed City.

The company said in a stock exchange statement that the agreement involves allocation of 500 acres to develop an integrated housing project.

The statement said the overall investments in the project is expected to reach 37.8 billion Egyptian pounds ($2.4 billion).

In Febuary, Zawya Projects had reported that is investing 3.4 billion pounds in hospitality projects in the Egypt's North Coast area.

(1 US Dollar = 15.75 Egyptian Pounds)

(Writing by Marwa Abo Almajd; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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.