Emaar and Al Futtaim to develop US$820 million project in Egypt

Cairo-gateAn artist's impression of the Cairo Gate project that will be constructed along the Cairo-Alexandria highway. (Image source: Emaar)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.

Alain Charles Publishing, University House, 11-13 Lower Grosvenor Place, London, SW1W 0EX, UK
T: +44 20 7834 7676, F: +44 20 7973 0076, W: www.alaincharles.com

twn Are you sure that you want to switch to desktop version?