Dubai, UAE – Emaar Properties, the UAE's largest real estate developer, is investing over $3 billion in a new 500-acre development in New Cairo's Fifth Settlement. This ambitious project marks Emaar's first partnership with Egypt's Midar Investment and Urban Development and underscores the company's commitment to expanding its presence in the Egyptian market.
In an exclusive interview with Al Arabiya Business, Emaar Chairman Mohamed Alabbar acknowledged the challenges Egypt faces due to global economic headwinds, stating, "Regardless of global economic conditions, Egypt inevitably bears the cost, and this is not of its own making." Despite these challenges, Emaar sees significant potential in the Egyptian market.
The New Cairo project, strategically located, leverages Emaar's development expertise and Midar's substantial land assets. Alabbar hinted at the possibility of further expansion, suggesting the development could eventually encompass up to 2,000 acres. He emphasized the strength of the partnership with Midar, highlighting their complementary strengths.
Ayman El-Koussy, Managing Director of Midar, in a separate interview with Bloomberg Asharq, provided further details about the project's timeline. Construction on the first 250 acres is slated for completion within three years. This initial phase will deliver over 2,900 residential units, comprising villas and apartments ranging from 200 to 600 square meters. The development will also feature a sports club and a school, offering residents a comprehensive lifestyle experience.
Beyond real estate, Alabbar stressed the critical need for expanding Egypt's hotel infrastructure to capitalize on the country's rich historical and coastal assets. He argued that Egypt must more than double its current hotel capacity to fully unlock its tourism potential. Alabbar believes the hospitality sector in Egypt holds even greater promise than the real estate market. He called for a significant increase in annual tourist arrivals, setting an ambitious target of 70 million, compared to the current 15 million. This vision reflects Emaar's belief in Egypt's tourism potential and its commitment to contributing to the growth of the sector.
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