Emaar launches mainstay of $2.1bn Cairo scheme
Emaar Square to contain $500m open air mall, Address hotel and offices
Emaar Properties is set to launch sales of its flagship Emaar Square scheme - part of its $2.1bn Uptown Cairo project in Egypt - at the Cityscape conference in Dubai tomorrow.
Emaar Square will consist of a $500m open-air shopping mall, a five-star, 250-room Address Hotel and serviced residences built along a new boulevard. The 250,000m2 scheme is being developed by its wholly-owned Egyptian subsidiary, Emaar Misr.
The company said Emaar Square "builds on the city's growing appeal as one of the MENA region's most attractive real estate markets", adding that the launch underlined its commitment to the Egyptian city.
Emaar Properties managing director Ahmad Al Matrooshi said: “Emaar’s growth strategy is to create premium real estate assets in Dubai, our home market, by leveraging the positive growth of the property sector, as well as to expand our footprint in key emerging markets.
"Egypt is one of our key international markets where we are already developing three fully-established masterplanned communities. We are also focused on diversifying our revenue streams through our international operations as well as our shopping malls & retail and hospitality & leisure businesses.
"The mixed-use Emaar Square in Uptown Cairo is thus a perfect fit to our goal of creating long-term value for our stakeholders.”
Emaar first announced plans to build one of its Address hotels in uptown Cairo in 2008, with a completion date which was scheduled for 2011. However, the subsequent property crash and disturbances as a result of the Arab Spring have meant that the developer has experienced delays with some of its plans.
The firm also plans to build 1,200 new homes on the outskirts of the square and a new business park within it.
Mohamed El Dahan, CEO of Emaar Misr, added: “Cairo is fast becoming one of the most attractive real estate markets in the MENA region in terms of its potential long term opportunities and growth. Uptown Cairo is a one-of-a-kind luxury development.
"The crowning jewel of Uptown Cairo, Emaar Square represents an exciting new chapter, a new residential and lifestyle offering that builds on our commitment to investing further in the city’s economic growth and responds to a growing demand for premium real estate. It is part of our development strategy to create a true urban masterpiece in the city.”