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Huge confidence from the Egyptian market created Emaar Misr's success

Emaar Misr announced that work on its projects in the heart of Cairo, in New Cairo and on the Sidi Abdel Rahman Bay is progressing strongly.
Emaar Misr | 23.02.2012

Emaar Misr, the wholly owned subsidiary of Emaar PJSC, accelerated construction of its projects in Egypt during 2011, a reflection of Emaar's massive confidence in the Egyptian investment climate and its commitment to continue supporting and contributing to the Egyptian economy, as well as its strong belief in the promise and opportunities shown by the local economy.

Emaar Misr announced that work on its projects in the heart of Cairo, in New Cairo and on the Sidi Abdel Rahman Bay is progressing strongly.

The company also announced that 2011 witnessed a number of major milestones in its developments, whether in terms of construction progress and completion or in terms of new contracts being signed with contractors to accelerate work on the company's developments.

Hazem Ashry, Emaar Misr's General Manager, stated that demand for Emaar Misr's projects rose noticeably and in an unprecedented manner during 2011, an expression of confidence from the Egyptian market and proof of the company's credibility with buyers. Ashry went on to say that this massive demand was also evidence of the extreme standards of quality that Emaar Misr uses in all aspects of its developments, and that Egyptian consumers are now much more aware of the market and the available products and insist on selecting developers with extremely high standards of quality, design and construction, standards that Emaar Misr not only meets but exceeds. He also stated that all of Emaar Misr's projects are comprehensive communities that include all the amenities needed, and provide the highest level of comfort and safety.

Ashry announced that Emaar PJSC, Emaar Misr's parent company based in Dubai has supported the investment in Emaar Misr during 2011, in a move that reflects the company's confidence in the Egyptian economy and its commitment to rapidly complete its projects according to agreed upon timelines, and that Emaar's credibility and commitment are the most important factors contributing to its success in real estate markets locally, regionally and internationally.

Commenting on the secrets behind Emaara Misr's success during 2011, Ashry stated that over 15500 Egyptian workers and engineers worked together to make 2011 one of the most successful years for Emaar so far in Egypt. He also expressed his optimism for an even more promising future, and reiterated Emaar's commitment to continue creating unique communities and luxurious lifestyle developments in Egypt.

Ashry also stated that Emaar has proved its commitment to the Egyptian market, and continues to develop its projects in Egypt - Uptown Cairo, Mivida and Marassi - and described the 1.7 billion worth of contracts that were signed during 2011 with major contractors in Egypt and the Middle East.

Of the contracts signed during 2011 for construction on Emaar Misr's projects, EGP567m worth of contracts were signed for Uptown Cairo, a 4.5 million square meter project being developed in the heart of Cairo. Uptown Cairo is currently the only mixed-use development being created within the borders of Cairo, unique in that it is being constructed at an average of 200 meters above sea level with an unparalleled view of Cairo.

Ashry announced that during 2011 Emaar Drive was completed, a road constructed entirely by Emaar that links Uptown Cairo with the 6 October bridge, allowing easy access to all areas of Cairo.

He also announced the opening of The Clubhouse in Uptown Cairo, an architectural masterpiece with a distinct Tuscan design, and stated that work on finishing was progressing in several areas in Uptown Cairo in preparation for delivery during 2012, and that the level of quality Emaar is employing is unmatched in the Egyptian market.

In Marassi, a project being developed on 1544 acres on a 6.5 km stretch of coastline on the Egyptian Mediterranean Coastline, contracts worth EGP57m were signed during 2011 for construction work. Marassi is being developed as a year-round international tourist destination, aimed at putting the Egyptian North Coast firmly on the map as one of the premiere tourist locations anywhere in the Mediterranean.

Ashry stated that during summer 2011, Marassi was visited by over 50,000 visitors, and that the project includes units with architecture inspired by Mediterranean styles including Egyptian, Greek, Andalusian, Italian, Spanish, Tunisian and Moroccan architecture. Hundreds of units have already been handed over in Marassi so far, with hundreds more expected to be handed over before the next summer, and Marassi will also feature thousands of hotel rooms, the largest yacht marina in the region, a unique golf course and comprehensive healthcare facilities.

Mivida, Emaar Misr's latest development located in the New Cairo suburb, is being developed on 3.8 million square meters, and is revolutionizing the concept of mixed-use developments in Egypt with its stylish units available sizes that match the needs of the Egyptian market. Mivida is unique in that it is the only development in New Cairo that is designed and implemented to be eco-friendly and sustainable, and includes units designed by internationally renowned designers. Delivery in Mivida is planned to begin during 2012, and delivery of the business park is also scheduled for 2012.

Featuring green areas and open spaces, Mivida has a 33.3 acre central park and a network of walking paths linking the different services and residential areas of the community. It will feature all the services and amenities needed by a modern Egyptian family, including an international school, sporting clubs, retail outlets and healthcare centres.