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Dubai-based real estate developers Emaar Properties and Al Futtaim Group are set to enter into a US$820mn joint venture agreement for a lifestyle and entertainment development project in Egypt
The Cairo Gate project will be developed on 160 acres of land belonging to Emaar Misr, a subsidiary of Emaar, on the Cairo-Alexandria desert highway, revealed the two companies in a statement.
A shopping mall would be the centerpiece of the development, complemented by an office park, luxury hotel, schools, medical facilities and residential space.
The first phase of the development will comprise a mall with a gross leasable area of 120,000 sq metres, and will be anchored by Al Futtaim's retail brands such as Ikea and Marks & Spencer, as well as restaurants, cafes and leisure outlets, the statement added.
“As we boost our continued development portfolio in the Egyptian market we also demonstrate our belief in Egypt, its economy and its people,” said Emaar Properties chairman Mohammad Alabbar.