Emaar Misr achieves Net Sales of US$497 mln

Big 5

Emaar Misr for Development S.A.E. has achieved EGP3.91 billion (US$497 million ) within the first half of 2015 marking 20% increase compared to EGP3.26 billion at the same period of 2014, led by its Mivida and Marassi projects.

 Both projects has recorded sky rocketing growth with a 40 % and 45 % increase respectively.

However, Emaar Misr has started trading the Egyptian stock last Sunday and its shares have declined by 13.4 % during its first week in the bourse.

Emaar Misr for Development S.A.E is the wholly owned subsidiary of the UAE-based Emaar Properties PJSC, a global property developer. Emaar Misr is one of the largest foreign direct investor in Egypt’s real estate sector with an investment portfolio of EGP 53 billion. Emaar has identified Egypt as a key market for growth, and has announced four key projects: Uptown Cairo the only development in the heart of Cairo; Marassi, a 1,544-acre tourist and residential destination at Sidi Abdul Rahman; Mivida residential community located at the fifth district; and Cairo Gate on the Cairo – Alexandria desert road, which is under master planning.

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