Emaar launches big Cairo project
Cairo, October 1, 2012
Dubai developer Emaar Properties has strengthened its international project portfolio with the launch of Emaar Square, a ‘city within a city’ development, within its flagship Uptown Cairo project in Egypt.
The development builds on the city’s growing appeal as one of the Mena region’s most attractive real estate markets, and underlines Emaar’s commitment to invest in the economic growth of the city through iconic master planned communities, said a senior official.
Emaar Square will be a spectacular addition to the Dh7.7 billion ($2.1 billion) Uptown Cairo, a mixed-use development located at the highest point of downtown Cairo, said a statement from Emaar.
The key features include a five-star premium Address Hotel and serviced residences, with panoramic views of the city, set along a spectacular boulevard, reminiscent of global landmarks such as Las Ramblas in Barcelona, Beverley Hills’ Rodeo Drive and Champs-Élysées in Paris.
It will also feature Egypt’s largest open mall, with a retail investment value of Dh1.8 billion and will draw on Emaar’s credentials as developers of the iconic Dubai Mall, the world’s largest shopping and entertainment destination.
The Address Hotel and serviced residences offering, set in the heart of the square, will stimulate investor interest in what will be one of the city’s most sought after lifestyle destinations, said the Dubai developer.
Emaar Square will also create thousands of new jobs in different fields which will contribute to the Egyptian economy and overall welfare, it added.
Emaar Misr, the Egyptian subsidiary, will unveil the 250,000 sq m Emaar Square development at the upcoming Cityscape Global expo.
Ahmad Al Matrooshi, the managing director of Emaar Properties, said, "Our growth strategy is to create premium real estate assets in Dubai by leveraging the positive growth of the property sector, as well as to expand our footprint in key emerging markets."
"Egypt is one of our key international markets where we are already developing three fully-established masterplanned communities. We are also focused on diversifying our revenue streams through our international operations as well as our shopping malls & retail and hospitality & leisure businesses."
"The mixed-use Emaar Square in Uptown Cairo is thus a perfect fit to our goal of creating long-term value for our stakeholders," he added.
Mohamed El Dahan, the CEO of Emaar Misr, said, "Cairo is fast becoming one of the most attractive real estate markets in the region in terms of its potential long term opportunities and growth. Uptown Cairo is a one of a kind luxury development, bringing an entirely new definition to modern living."
"The crowning jewel of Uptown Cairo, Emaar Square represents an exciting new chapter, a new residential and lifestyle offering that builds on our commitment to investing further in the city’s economic growth and responds to a growing demand for premium real estate," he explained.
"It is part of our development strategy to create a true urban masterpiece in the city," El Dahan added.-TradeArabia News Service