Dubai’s Emaar Properties says has developed 6 mln sqm in Egypt

Dubai-based Emaar Properties has developed 6 million square metres of lands in the Egyptian market, through its Egyptian unit Emaar Misr, the group’s chairman Mohamed Alabbar said on Monday.

“We are planning to sell 5,000 housing units a year in our existing projects in Egypt; Marassi, Mivida, and Uptown Cairo,” Alabbar told Amwal Al Ghad on the sidelines of a press conference in Cairo.

Egypt’s real estate market has a very special investment and development strength based on a real demand, Emaar official added.

Alabbar said that “nothing new has happened” in the company’s negotiations with the company managing Egypt’s new administrative capital for a project that includes residential units, office space, and recreational zones over an area equivalent to 1,500 feddans (1,560 acres).

The UAE investor behind grand projects that include the world’s tallest building, Dubai’s Burj Khalifa, was meant to lead a mega-project to build the new capital 45 km east of Cairo, but Egypt and Alabbar failed to close a deal in 2015.

Egypt’s plan to construct a new metropolis was unveiled in March 2015 at a Sharm al-Sheikh summit, held to lure back foreign investors who fled after its 2011 uprising.