Launch of new projects latest sign that Egypt’s real estate market is picking up
Two of the UAE’s largest real estate developers have launched plans for major real estate schemes in Egypt.
The UAE’s Emaar Properties and Al-Futtaim Group are set to enter a £E5bn ($820m) joint venture agreement to develop the Cairo Gate shopping and entertainment complex, which will be located alongside the Cairo to Alexandria desert highway.
The Cairo Gate mall will cover a gross leasable area of 120,000 square metres, and in addition to shops will contain restaurants, cafes and leisure outlets.
Emaar has also launched plans for its Emaar Square mixed-use development, which will be located within its four million sq m Uptown Cairo development. The Emaar square development will contain one of Egypt’s largest shopping malls, a 250-room five star Address hotel and residences, 1,200 housing units and commercial and leisure facilities.
The Emaar Square development will cover a total area of 250,000 sq m.
The launch of the projects is the latest sign that Egypt’s real estate market is beginning to pick up following the period of political instability after the overthrow of President Hosni Mubarak in early 2011.
The UAE’s Majid al-Futtaim (MAF) recently awarded a $400m contract to build its Mall of Egypt project, located at 6 October city outside Cairo, to a joint venture of the local Orascom Construction Industries (OCI) and Belgium’s Besix Construction .
The Mall of Egypt will cover a total area of 160,000 sq m and is scheduled to contain 380 shops when completed. One of the main attractions of the proposed mall will be an indoor ski slope, similar to the Ski Dubai component in Dubai’s Mall of the Emirates, another MAF development.