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Tue 2 Oct 2012 12:40 PM

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Emaar to build $820m Egypt retail project in JV

Dubai developer will partner with Al Futtaim Group to build Cairo Gate project

Emaar to build $820m Egypt retail project in JV
Emaar Misrs Uptown Cairo development.

Developer Emaar will build an EGP5bn (US$820m) retail
project in Cairo in partnership with Dubai-based Al Futtaim Group, both
companies announced on Tuesday.

On the first day of the Cityscape Global 2012 event in Dubai,
the real estate firms said that Cairo Gate will be a major lifestyle and
entertainment development on 160 acres of land alongside the Cairo-Alexandria
highway.

The first phase of the project will include a mall with a
gross leasable area of 120,000sqm. It will feature Al-Futtaim Retail brands
including IKEA, Marks & Spencer and Toys ‘R’ Us, as well as eating and
leisure facilities and an office park. The developers say that they expect Cairo
Gate to have a catchment area of approximately 6m people.

The statement did not provide an indication on when the
development was expected to be completed.

Emaar Misr, the Egyptian arm of the Dubai real estate firm,
is currently also building its Uptown Cairo project, a EGP12bn development on
the outskirts of the capital that will include the country's largest mall, as well as residential and
hotel amenities.

Emaar Misr has so far made a foreign direct investment total of EGP31.7bn in the country.

The developer's projects in Dubai include the iconic Burj Khalifa, the world's tallest building, and Dubai Mall.