OFFPLAN NEWS

(14.06.2007 )
Property in Egypt Major real estate project in Cairo’s Smart Village, Egypt

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.

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