NUCA, Emaar agree to develop EGP 50bn urban projects

The New Urban Communities Authority (NUCA) and Emaar Misr Developments on Wednesday signed an agreement to establish two integrated urban projects in Sheikh Zayed Extension City.

The NUCA and Emaar Misr have reached a final agreement stipulating that the company will purchase 52.4-feddan in-kind share in Sheikh Zayed City from the NUCA, in addition to the areas ceded by the company to create external roads, bringing the total land area to about 120.9 feddan.

The Authority is committed to delivering utilities and services to the land, as well as changing its activity in order to enable the company to establish a full-service Cairo Gate project, located on the Alexandria-Egypt road with investments amounting to EGP 11.5bn, providing more than 15,000 direct and indirect job opportunities.

The NUCA has handed over a 500-feddan plot of land to Emaar in Sheikh Zayed Extension City for another full-service residential project with investments worth approximately EGP 37.8bn and will create more than 70,000 direct and indirect jobs.

Commenting on the deal, Mohamed Alabbar, chairperson of Emaar Properties, said the company’s investment entity has a desire to increase its investments in Egypt and has been investing in the country for nearly 14 years, studying the increase of Emaar’s land bank in Egypt.