Dubaiís 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 companyís revenues are generated in the United Arab Emirates.
Emaarís 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