Emaar announces major real estate project in Cairo’s Smart Village

Emaar Properties, the world’s No 1 real estate developer in terms of market capitalisation, signed a Memorandum of Understanding (MoU) with the Egyptian Government to start work on a new development in Cairo - an integrated community based in Egypt’s new Smart Village.

Located in the Egyptian capital at the beginning of Cairo-Alexandria highway, the development represents a multi million dollar investment in the historic city and will have at its epicentre a world-class convention centre to meet the needs of the growing meetings and conferences market which find Cairo an interesting and historical location.

Emaar Chairman Mohamed Ali Alabbar, Emaar Misr Vice Chairman Mohamed Shafik Gabr, Egypt’s Minister of Telecommunications Dr. Tarek Kamel and Smart Village Chairman Dr. Ali Hefnawy signed the MoU in the presence of Egypt’s Prime Minister Dr. Ahmed Nazzif.

The 2.4 million sq. ft. of land development features an integrated convention and exhibition centre, hotel, serviced apartments, commercial, office space and shopping village. Located within Egypt’s state-of-the-art Smart Village, the development will complement the high tech environment of its surroundings by providing business support through the premier commercial, corporate and leisure offering.

Mohamed Ali Alabbar, said: “Today’s signing marks a significant step forward in this unique project. It is an honour to be part of a centre of excellence such as Egypt’s Smart Village. Emaar will bring its own expertise and excellence to the Smart Village by creating premier business environments and superb facilities.”
The Convention Centre development will be designed to increase the corporate and business facilities and services available in the Smart Village by providing an eight storey hotel plus serviced apartments for corporate visitors and a high-tech office tower.

“Smart Village has great potential for future development and is a remarkable location for Emaar to develop high quality real estate projects on an international scale. Egypt is a key development market for Emaar,” added Mohamed Alabbar.

The convention centre is multi functional and can be used for banquets as well as exhibitions and conventions and the main hall can accommodate up to 6,000 delegates in theatre style seating. Other amenities include a ballroom, meeting rooms and grand foyer.

The development also includes a Shopping Village measuring 163,000 sq. ft. of retail space ranging from boutique shops to fine dining that offers a village like atmosphere with low buildings, meandering streets and grand open squares - modelled after souqs of old town Egypt.

Geographically central to all major destinations, Smart Village is located within Greater Cairo and is located 20 minutes from downtown Cairo, 10 km from the pyramids and is also accessible from Cairo International Airport.

This latest announcement signals Emaar’s second move into Egypt, following its August announcement of the AED 14.5 billion (US$4 billion) Cairo Heights development in the Egyptian capital. In addition, Emaar’s latest projects unveiled last week in the Syrian capital Damascus - Eighth Gate and Damascus Hills – sees the property major rolling out its strategy of undertaking prestigious master planned residential developments across the globe.

With joint ventures and projects across the region covering Saudi Arabia, India and Pakistan, Emaar is taking its winning formula to the rest of the world.

About EMAAR Properties PJSC:
Emaar Properties, the Dubai-based Public Joint Stock Company and No, 1 real estate company in the world, is listed on the Dubai Financial Market and is part of the Dow Jones Arab Titans Index.

The company has witnessed tremendous growth since its inception in 1997 and boasts a rapidly growing tenant base with more than 13,000 homes handed over to satisfied customers to date. Currently, it has several major real estate projects under various stages of development in Dubai including Arabian Ranches, Dubai Marina, Emirates Hills, The Views, The Meadows, The Springs, The Lakes and The Greens. The company also owns and manages the Gold and Diamond Park.

Emaar has started construction on its most ambitious project to date, the Burj Dubai, which comprises the Burj Dubai - the tallest tower in the world when completed in 2008, The Dubai Mall, Burj Dubai Boulevard, The Lofts, The Old Town, The Old Town Island, The Residences, Burj Views, man-made lakes, landscaped parks and gardens. The company has joint ventures and projects across the region covering Saudi Arabia, Egypt, Syria, Morocco, Turkey, India and Pakistan.

Last year the award winning property developer announced plans to aggressively expand the retail sector with investments of over AED 15 billion (US$4 billion) to develop approximately 100 malls in the mega emerging markets of the Middle East, North Africa and the Indian subcontinent. In addition, Emaar has teamed up with Giorgio Armani S.p.A to build and manage 10 Armani hotels and resorts across the world; an Armani hotel will feature in Emaar’s flagship Burj Dubai tower.

Recently the company also announced plans to expand its investments into the education and healthcare business. The education initiative will involve the establishment of international schools in the MENA region and India, which will offer premium quality education and an integrated curriculum for students ranging from kindergarten to tertiary levels. Emaar’s healthcare diversification will see the company invest around AED 18.35 billion (US$5 billion) over the next decade in the MENA and South Asia markets with the construction of hospitals, clinics and medical centres and the investment in the provision of world-class healthcare services.

While continuing to actively pursue expansion in its core business of innovative, high quality real estate development, Emaar has diversified into related business lines to further build value for its 59,000 shareholders, which includes the Government of Dubai. Emaar owns and manages EMRILL, a joint venture with the UK-based Carillion which provides innovative property and facilities management services. Emaar also holds 30 per cent equity in Dubai Bank, focused on retail and commercial banking and is the majority shareholder in Amlak Finance, UAE’s leading Islamic home financing company.

EMAAR Properties PJSC's contact details:
Phone: +971 4 367 3333
Fax: +971 4 367 3000

Website: http://www.emaar.com