Emaar Misr announced that the foundation stone of its Cairo Gate project, located in the west Cairo district of Sheikh Zayed, has been laid.
The Foundation Stone Laying Ceremony coincided with the celebration of the launch of the project’s second phase.
Cairo Gate is Emaar Misr’s first project in west Cairo, spanning an area of 133 feddans in the heart of Sheikh Zayed, with investments amounting to EGP 11.5bn.
Mohamed Alabbar, Founder of Emaar Properties, said, “Despite the harsh circumstances faced by the global economy during the past few months, Emaar Misr has a solid management basis, and it always sets up scenarios for various risks along with plans on how to tackle them.”
He added, “It dealt flexibly and professionally with the circumstances imposed by COVID-19, and we managed our work team and partners, through the government’s constructive cooperation, to continue accomplishing our goals amidst the hardest of circumstances, and this is evidenced by the successful launch of the first phase of Cairo Gate and the launch of the second phase”.
Alabbar also said that the Egyptian economy has proven its ability to deal with sudden crises, proven by the testimonies of international institutions and experts, and has achieved the highest growth rate among emerging markets in 2020.
“This pushes us, in Emaar Misr, to work more and expand our projects in Egypt, as the company has a dream of having a community in each governorate,” he said, “The Cairo Gate project will be the window which Emaar will open for the world to see the beauty of this rich area, located in close proximity to the Grand Egyptian Museum, the Pyramids, and the vital business areas in Cairo and Alexandria”.
Emaar Misr launched the first phase of Cairo Gate last March. The development comprises villas, housing units, and serviced apartments, and also includes a business workspace, commercial areas, and a hotel.