Emaar Misr seeks to establish a new EGP40bn investment zone in Cairo

Emaar Misr, the Egyptian unit of UAE property conglomerate Emaar Properties, is looking to build a new 40 billion Egyptian pounds ($2.4 billion) investment zone in Cairo area, according to a cabinet statement.

The 64-feddan development will feature commercial, residential, hotels, and services facilities. The Egyptian government is currently considering three other proposals to set up investment zones, the statement added without providing additional information.

Separately, Chinese garment firm Handa is looking to set up a factory worth $420 million in Belbeis, Sharqiya, to produce clothes to export to Europe and the U.S., the statement added.