Emaar Properties, the Dubai-based international property major, has won a keenly-bid auction sale of prime land in Egypt from the Egyptian Government Tourism Company. The company intends to build a master-planned community of residences, commercial units and leisure facilities with emphasis on tourism.
Dr Nader Mohamed, Executive Director – International Operations, Emaar Properties, said, “An emerging market with strong economic fundamentals, Egypt is of key importance to Emaar Properties in building the company’s international portfolio. Committed to developing value-added projects in the country, Emaar will embark on an ambitious US$1.74 billion (EGP 10 billion) development on the 7-km strip of tourism resort land that the company has won in a keenly-bid auction on August 5, 2006.”
Emaar has already announced other major projects in Egypt including a 80-acre development in association with the Egyptian Government for an integrated community based in the new Smart Village; another master planned community at the highest point of downtown Cairo; and a Memorandum of Understanding with the Artoc Group for Investment and Development on a waterfront redevelopment project for the Alexandrina Bibliotheca.