Emaar's Egyptian unit plans $861m Cairo project

Emaar Properties' Egyptian subsidiary, Emaar Misr, will spend up to 6 billion Egyptian pounds ($861.91 million) on a residential and commercial project in Cairo after signing a protocol with Egypt's government, it said in a statement.

Emaar Square is part of its 4.5 million square metre development called Uptown Cairo which will cost up to 12 billion pounds.

On Sunday, Emaar signed a protocol with the Egyptian Ministry of Defence, Ministry of Investment and the Cairo authorities in order to start work on Emaar Square.

The firm will begin work on Emaar Drive that will connect Uptown Cairo to key destinations in central and greater Cairo.