JV Heralds New Milestone in Egypt’s Real Estate and Retail sectorsDubai, United Arab Emirates - Tuesday, October 2nd 2012 [ME NewsWire]
Al-Futtaim Group and Emaar, the two UAE-based international real estate giants, today announced an initial intention to enter into a EGP 5 Billion Joint Venture agreement to develop ‘Cairo Gate’, the largest lifestyle and entertainment development on an Emaar Misr property of 160 acres of prime land on the Cairo- Alexandria desert highway.
Cairo Gate will not only cater to discerning shoppers from Egypt and the world over, but also to those who appreciate a trendy lifestyle that has come of age. While the mega shopping mall will be the centerpiece of the development, Cairo Gate will be complemented by an office park with world-class facilities including a luxury hotel, schools, medical facilities and residences ranging from townhouses to villas and apartments.
When finalised, the JV agreement will mark a new milestone in the real estate industry as the region’s two mega developers, who already have large developments in Egypt and contribute significantly towards the growing Egyptian economy, have come together to commit both expertise and investment to the local Egyptian market.
Mr. Mohamed Alabbar, Chairman of Emaar Properties PJSC, said “We are proud of this partnership which will add tremendous value to the real estate and retail industry sectors at large, and we look forward to working together with Al-Futtaim Group and realising the full potential of this venture.”
Commenting on the prospects of the Egyptian market, he added, “As we boost our continued development portfolio in the Egyptian market we also demonstrate our belief in Egypt, its economy and its people”.
The first phase of Cairo Gate development will comprise a mall with a gross leasable area of 120,000 sqm, and will be anchored by Al-Futtaim’s retail brands such as IKEA, Marks & Spencer, Toys “R” Us, ACE, Intersport, Guess, Esprit as well as a multitude of additional world-class shopping brands apart from restaurants, cafés and leisure outlets with a strong outdoor theme.
Mr Omar Al-Futtaim. Vice Chairman and Group CEO said: “This JV represents a significant and long-term partnership between Al-Futtaim Group and Emaar who are on a new path for growth in Egypt. The agreement demonstrates our confidence in the Egyptian economy and will raise Egypt’s profile as a nation focused on innovation, excellence, and dynamic sustainable development in the retail and real estate sectors. Our Cairo Festival City development is already making strong headway in establishing Egypt as Centrepoint for the North African retail industry. The JV will further demonstrate our firm commitment to not only enhance Egypt’s development, but amplify the country’s leadership positioning within the regional and global economy.”
Mr Al-Futtaim added: This is a clear evidence to our positive view on the Egyptian economy and we are confident of the investor-friendly direction of the Egyptian Government especially in resolving any investors’ disputes.”
Cairo Gate has a frontage of one kilometre along the Cairo-Alexandria Desert Road near the Smart Village commercial precinct, and will complement the residential, hospitality and commercial components of Emaar Misr's development. The primary catchment areas including 6 October City and Giza have a population of over six million residents.
Emaar Misr is regarded as one of the largest real estate developers in the Egyptian real estate market, and is one of the most important direct foreign investors with an investment capital of EGP 31.67 billion. This investment portfolio consists of three mega fully integrated developments, Uptown Cairo, the new heart of Cairo in Mokattam hills; Marassi, one of the largest tourist residential projects on the Mediterranean; and Mivida, the Emaar development in New Cairo, featuring a central park of 30 acres, in addition to 222 acres of small parks and landscape.
All three developments are progressing in terms of construction and both Marassi and Uptown Cairo have already started delivering units to their residents.Emaaralso recently announced the launch of Emaar Square, a 250,000 sqmproject,a ‘city within a city’ development within its flagship Uptown Cairo project in Egypt, to feature the country’s largest outdoor shopping and entertainment precinct, offices, homes and leisure amenities.
Al-Futtaim Group continues to be Egypt’s strong partner in its growth towards economic stability. Among major investments in the retail and real estate sector is the iconic Cairo Festival City. This visionary mixed use urban community development is strategically located just 15 minutes from Cairo International Airport and features residential communities, prime office spaces, internationally renowned hotels, schools and an automotive park all set within a lush landscaped environment. Located in the heart of this community is Festival Centre, which will form Egypt’s first indoor/outdoor shopping and entertainment destination. Al-Futtaim Group is one of the largest foreign investors in Egypt with activities not only in the retail and real estate sectors, but also has substantial investments in the insurance, construction and automotive industry in the country.
Ends
Notes To The Editor
About Emaar Properties PJSC:
Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer with a significant presence in key emerging markets in the Middle East, North Africa and Asia. In addition to building residential and commercial properties, the company also has proven competencies in shopping malls & retail, hospitality & leisure and financial services sectors. Burj Khalifa, the world's tallest building, and The Dubai Mall, the world's largest shopping and entertainment destination, are some of Emaar's trophy developments. Emaar has launched a new wholly-owned subsidiary, Dawahi Development, a next-generation developer of 'value housing' projects within full-service community developments. Dawahi Development will develop 'value homes' at attractive price points in key emerging markets across the Middle East & North Africa region, while also creating robust employment and business opportunities for the local population. In Saudi Arabia, Emaar is developing King Abdullah Economic City, the region's largest private sector-led project in Saudi Arabia, featuring a Sea Port, Central Business District, Industrial Zone, Educational Zone, Residential Communities and Resort District.
About Emaar Misr:Emaar Misr for Development S.A.E is the wholly owned subsidiary of the UAE-based Emaar Properties PJSC. Emaar Misr is one of the largest foreign direct investor in Egypt's real estate sector with an investment portfolio of EGP31.67bn. Emaar has identified Egypt as a key market for growth, and has announced four key projects: Uptown Cairo; Marassi, a 1,544-acre tourist and residential destination at Sidi Abdul Rahman; the Mivida residential community located at the fifth district; and Cairo Gate, commercial cum residential development on the Cairo -Alexandria desert road.
Al-Futtaim Group
Established in the 1930s, and headquartered in Dubai, United Arab Emirates, Al-Futtaim is structured into several operational divisions including; Automotive, Engineering, Electronics & Technology, Retail, Financial Services, General Services, Real Estate and Joint Ventures. Today, Al-Futtaim operates through more than 85 companies in sectors as diverse as commerce, industry and services, and employs in excess of 40,000 people in the UAE, Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, Afghanistan, Egypt, Lebanon, Pakistan, Syria, Brunei, Indonesia, Malaysia, Philippines, Singapore, Sri Lanka, Thailand, Vietnam, Hong Kong, Macau, Australia, New Zealand and Switzerland. Al-Futtaim’s retail division represents some of the most prestigious and popular international brands and is rapidly expanding in the Middle East, North Africa and Asia. The division has ambitious plans for future growth. Al-Futtaim’s retail division offers its customers the best international brands, outstanding showrooms and facilities, as well as quality customer service. By creating unique retail experiences, long term customer loyalty is engendered, providing a solid foundation for future expansion.
About Al-Futtaim Group Real Estate: Al-Futtaim Group Real Estate (AFGRE) is the real estate development and operations arm of Al-Futtaim group. AFGRE is responsible for the origination, conception, development, procurement and construction of mega projects, and the leasing and operation of these projects after completion. In addition, AFGRE develops and operates an extensive multimillion dollar portfolio of individual corporate real estate and investment assets across the MENA region. Under the Festival City brand are three flagship mixed-use urban communities - Dubai Festival City with 5.2 million square metres, Cairo Festival City with 3 million sqms in addition to the joint venture super regional mixed-use retail complex Doha Festival City with 433.847 sqms.
Contacts
Kelly Home/Nivine William
ASDA’A Burson-Marsteller
+9714 4507 600
kelly.home@bm.com; nivine.william@bm.com
Emaar Misr:
Ghada Shaker
Senior PR Consultant
Emaar Misr
Tel: +2 02 25032000
Mobile: +2 0122 1721437
gshaker@emaar.ae
Al-Futtaim Group
David D’Souza
Director – Public Relations
GMASCO – An Al-Futtaim Group company
Tel: +971 4 208 5750
Direct: +971 4 208 5855
Fax: +971 4 256 5584
David.DSouza@AlFuttaim.ae
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