EGYPT – The New Urban Communities Authority (NUCA) and Emaar Misr Development have signed an agreement to establish two integrated urban projects in Sheikh Zayed Extension City.
According to Daily News Egypt, the final agreement between NUCA and Emaar Misr stipulates that the company will purchase 52.4-feddan in-kind share in Sheikh Zayed City from the NUCA, in addition to the areas ceded by the company to create external roads, bringing the total land area to about 120.9 feddan.
The Authority said that it is committed to delivering utilities and services to the land, as well as changing its activity in order to enable the company to establish a full-service Cairo Gate project.
The project according to Daily News Egypt will be located on the Alexandria-Egypt road and will attract an investment amounting to EGP 11.5bn (about US$713.44 million).
NUCA also revealed that the ALexendria-Egypt project had the capacity to provide more than 15,000 direct and indirect job opportunities.
The authority has also handed over a 500-feddan plot of land to Emaar in Sheikh Zayed Extension City for another full-service residential project with investments worth approximately EGP 37.8bn (about US$2.35 billion) and will create more than 70,000 direct and indirect jobs.
Commenting on the deal, Mohamed Alabbar, chairperson of Emaar Properties, said the company’s investment entity has a desire to increase its investments in Egypt and has been investing in the country for nearly 14 years, studying the increase of Emaar’s land bank in Egypt.
Emaar Properties Dubai is one of the largest real estate developers in the UAE and is known for various large-scale projects such as developing Burj Khalifa, the tallest building in the world.
It has collective presence in 36 markets across the Middle East, North Africa, Pan-Asia, Europe and North America and had a valuation of US$9.7 billion as of June 2018.
