Emaar Misr Inks Cooperation Protocol Next Week to Start Emaar Square Project
Emaar Misr will sign within next week a protocol on cooperation with the Egyptian government so as to carry out its Emaar Square Project, with investments worth EGP 6 billion.
Emaar Misr is set to sign the protocol on cooperation with Egyptian Ministries of Defence, Investment, and State for Local Development, as well as Cairo Governorate and Al Nasr Housing and Construction.
Upon the protocol, Emaar Misr will start carrying out its Emaar Square Project, which is part of the Uptown Cairo Project centered in the heart of Cairo nestled atop the majestic Mokattam Hills.
Moreover, the protocol will include the terms and regulations to implement traffic axes linking East Cairo to West Cairo areas through Emaar Drive project.
Emaar Drive is an Emaar Misr project that will connect Uptown Cairo to key destinations in central and greater Cairo. It will directly link Uptown Cairo to the 6th of October bridge and the Ring Road.
The phase one of The Emaar Drive Project will enhance ease of access of travelers coming from West Cairo areas such as Mohandeseen and Zamalek through 6th of October Bridge, to the last exit landing on the extension of Ramsis Street. The new road will connect directly to Uptown Cairo’s main gate on the Nasr city side. The trip time from the 6th of October Bridge exit to the Uptown Cairo gate through the new road will be less than three minutes, it added.
Phase two of the road project will link Uptown Cairo to the ring road and New Cairo through Shaheed Highway, and will be completed soon. This also complements the Government’s plans to move government entities to New Cairo to overcome the congestion and space constraints in downtown Cairo and facilitate commuting to and from central Cairo to New Cairo.
Emaar’s project will provide 5,000 temporary job opportunities during its construction period along with more than 15,000 permanent job opportunities after construction.
Since inception in 2006, Emaar Misr has carried out businesses worth EGP 10 billion through its three projects; Uptown Cairo in Downtown, Marassi in the North Coast, and Mivida in New Cairo. These implemented businesses approximately account for 20% of the company’s expected investments which are estimated at EGP 53 billion.
