Dubai’s Emaar launches two
projects in Egypt
Emaar Properties EMAR.DU said on Tuesday it
would start two real estate developments in
Egypt, taking the value of its projects in
the most populous Arab country to more than
$5.5 billion.
The two projects are worth a combined $1.71
billion, Emaar, the largest Arab real estate
developer by market value, said in a
statement.
New Cairo City, worth 5.75 billion Egyptian
pounds ($1.01 billion), will be a
residential project covering 3.8 million
square metres (4.545 million sq yards) near
the American University Cairo. New Cairo
City will have around 5,000 housing units.
The Cairo-Alexandria Desert Road project,
costing 4 billion Egyptian pounds, will have
both residential and commercial premises,
covering 670,000 square metres.
Emaar is also in talks with the Egyptian
government on a large leisure development
project on the Mediterranean coast, Egyptian
Tourism Minister Zoheir Garrana told Reuters
this month.
Emaar says it is the largest private foreign
direct investor in Egypt, one of 15
countries the company is investing as it
expands outside it home market of Dubai.
Still 90 percent of the company’s revenues
are generated in the United Arab Emirates.
Emaar’s revenues soared 74 percent in the
first quarter to 3.9 billion dirhams ($1.06
billion), spurred by sales at its $20
billion Burj Dubai project, which the
company says will be the tallest building in
the world when it is completed next year.
First-quarter profit rose 13.3 percent to
1.72 billion dirhams, the slowest rate of
profit growth in at least two years as the
US housing market cooled. Emaar bought US
homebuilder John Laing Homes for $1.05
billion in June
