Over the past two years, Emaar Misr has made significant progress in developing its master-plan communities, Mohamed El-Dahan, CEO of Emaar Misr told Daily News Egypt.
“Egypt is one of the first countries in the MENA region where we established a fully-owned subsidiary to develop integrated lifestyle communities,” El-Dahan said. He added that Emaar Misr is deemed one of the largest foreign direct investors in the country and one of the key contributors to the international revenues of Emaar Properties.
“Even during the challenging time that Egypt faced, we did not stop building our projects,” he noted.
In February 2015, the Egyptian stock market announced that Emaar Misr formally requested listing its shares on the stock market. The value of the initial public offering was not announced, however Reuters reported in January that the Emirati company would issue more than EGP 2bn worth of shares in the bourse.
Emaar Properties announced in the same month that it has registered $912m in profits in 2014, a 30% increase compared to the $699m profits recorded the year before. The company stated that around 54% of its total revenues came from shopping malls, retail and hospitality businesses.
“Net operating profit for Q4 2014 is AED 861m ($234m), 14% higher than the previous quarter at AED 758m ($206m),” the real estate company said.
Real estate developer and builder of world’s tallest tower Burj Khalifa, Emaar Properties, was founded in the UAE in 1997, and now has a current global presence in 30 countries. The Egyptian arm of the company is Emaar Misr that has an investment portfolio of EGP 5bn.
Emaar Misr’s only development project in Cairo is Uptown Cairo project. Emaar Misr signed a protocol with the Ministers of Defence, Investment and Local Development in 2014 to start work on the Uptown Cairo project with EGP 18bn in investment. Uptown Cairo, a residential and commercial project located in Moqattam, rests on 4.5m sqm overlooking the greater Cairo area.
“At the heart of Uptown Cairo is Emaar Square, a ‘city within a city’ development featuring a five star premium Address Hotel and serviced residences. Emaar Square will host Egypt’s largest open mall, and create thousands of new jobs in different sectors,” El-Dahan explained.
Emaar Misr paid EGP 72m in return for “modifying the conditions of the units affiliated to the armed forces in the project area”, El-Dahan said earlier in 2014. The company also spent EGP 60m to construct alternative military facilities in return for using the western part of the land of Uptown Cairo, El-Dahan said.
A total amount of EGP 3.5bn was spent on the infrastructure of Uptown Cairo, El-Dahan said.
The infrastructure part of the project included developing a drinking water station in Cairo, at a cost of EGP 150m, and a sanitation station in Mokattam, at a cost of EGP 30m.
Emaar Drive, which is a part of the project, will be used to connect Uptown Cairo to 6th of October Bridge and the Ring Road to link the city to key destinations, according to the Uptown Cairo website.
“Our upcoming projects include Cairo Gate, a mixed-use development spread over 160 acres located at the start of the Cairo-Alexandria desert road. It will feature a central mall that will be among the largest in the country,” the CEO said, adding that they will continue to explore opportunities for further investment in the country and serve as a committed partner in supporting the social and economic growth of Egypt.
Additional reporting by Dahlia Kholaif