Dubai, UAE; May 22, 2008: Emaar Misr for Development S.A.E, the wholly owned Egyptian subsidiary of Emaar Properties PJSC, will hold a special sale in the UAE of residences within Marassi and Uptown Cairo, two premier developments that have already opened to strong investor response in Egypt. The sale at Downtown Living Sales Centre and Emaar’s Abu Dhabi Sales Centre on May 24, 2008, will feature a varied collection of villas, town homes and apartments.
Emaar Misr is one of the largest investors in Egyptian real estate with an investment portfolio of EGP 31.67 billion (AED 20.33 billion; US$5.54 billion). The EGP 12 billion (AED 7.7 billion; US$2.1 billion) Uptown Cairo and EGP 9.92 billion (AED 6.39 billion; US$1.74 billion) Marassi projects introduce the concept of integrated luxury master-planned communities to Egypt.
Mr Sameh Muhtadi, Chief Executive Officer, Emaar Misr for Development S.A.E, said: “Uptown Cairo and Marassi have energised the Egyptian property market with their focus on creating world-class integrated communities. Both projects have secured the required governmental clearances and licences, and construction work is progressing on an accelerated schedule.”
Mr Mohamed A. El Moshneb, Senior Director - Development, Emaar International, added: “Egypt is one of the fastest growing markets in the region today, and the sale in the UAE will offer Egyptians in the country and other investors a good opportunity to invest in the Egyptian real estate sector.”
Uptown Cairo is located on 452 hectares within Mokattam Hills, above the bustle of the city with the cleaner air and cooler climate of the unique location adding to the quality of lifestyle. Master-planned by WATG, Uptown Cairo is an integrated community with several residential villages, a Business Park, resorts, spa, sports & leisure facilities, a sprawling shopping mall and a world-class golf course. Uptown Cairo is easily accessible from Maadi, Heliopolis, Nasr City and Central Cairo.
Marassi is a 1,544-acre tourist resort located on the picturesque Sidi Abdel Rahman Bay with its turquoise waters and white sands and has a central location along the best stretch of beach on the North Coast, offering extensive beachfront. Marassi, 2 hours by road from Cairo, is accessible from the Burj El Arab and El Alamein airports, both offering direct connections to major European and Middle Eastern cities. Marassi features seven distinct lifestyle districts, each with distinctive identities and activities, inspired by Mediterranean architectural styles including Egyptian, Greek, Andalusian, Italian, Spanish, Tunisian and Moroccan.
The villas, town houses and apartments are fully finished, and have exceptional finishes including marble and natural wood flooring. Kitchens feature granite counter-tops and elegant cabinetry while the bedrooms have built-in wardrobes and bathrooms are fully finished. Both Uptown Cairo and Marassi offer a range of lifestyle amenities including schools, healthcare providers, places of worship, swimming pools, health & fitness facilities as well as retail outlets and restaurants.
Potential investors can visit Downtown Living Sales Centre and Emaar’s Abu Dhabi Sales Centre from 9am to 6pm on May 24, 2008. They can also call 800-EMAAR (36227) or log on to www.emaar.com for more details.
Emaar’s expansion to Egypt is in line with its Vision 2010 to become one of the most valuable companies in the world through geographic expansion and business segmentation. Emaar Misr is also developing the the EGP 5.75 billion (AED 3.67 billion; US$1 billion) residential community located at the fifth district New Cairo City; and the EGP 4 billion (AED 2.56 billion; US$700 million) commercial cum residential development on the Cairo – Alexandria desert road, which also features the largest outdoor shopping and entertainment destinations in the country, Cairo Gate.
