Emaar/Al-Futtaim JV to develop $819m Cairo Gate
IKEA, Marks & Spencer and Toys 'R' Us already signed for phase one
UAE property companies Al-Futtaim Group and Emaar have announced plans to form a joint venture to develop a 160-acre retail scheme on the Cairo-Alexandria highway known as Cairo Gate.
The $819m (EGP:5bn) scheme will be built on Emaar Misr land alongside the highway and will contain lifestyle and entertainment units. It will also feature an office park, hotel, schools, medical facilities and residential properties.
The first phase of the project will contain 120,000m2 of retail space and will include retail units occupied by IKEA, Marks & Spencer, Toys “R” Us, ACE, Intersport, Guess and Esprit, among others. It will also contain restaurants, cafes and
Mohamed Alabbar, chairman of Emaar Properties, said: “We are proud of this partnership which will add tremendous value to the real estate and retail industry sectors at large, and we look forward to working together with Al-Futtaim Group and realising the full potential of this venture.
“As we boost our continued development portfolio in the Egyptian market, we also demonstrate our belief in Egypt, its economy and its people”.
Omar Al-Futtaim, vice-chairman and CEO of Al-Futtaim Group, said: “This JV represents a significant and long-term partnership between Al-Futtaim Group and Emaar. who are on a new path for growth in Egypt.
"The agreement demonstrates our confidence in the Egyptian economy and will raise Egypt’s profile as a nation focused on innovation, excellence, and dynamic sustainable development in the retail and real estate sectors."
Both companies have also recently launched other major projects in Egypt, with Emaar this week unveiling its Emaar Square development as the centrepiece of its $2.1bn Uptown Cairo project, and Al Futtaim recently appointing an Orascom/Besix JV for its $800m Mall of Egypt scheme.