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Wed 11 Apr 2007 09:47 AM

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Emaar in talks on Med coast project

Dubai's property giant is in talks with the Egyptian government on a large leisure development.

Dubai-based Emaar Properties is in talks with the Egyptian government on a large leisure development project on the Mediterranean coast, Egypt's tourism minister said on Tuesday.

"We are in negotiations for a very big development on the Mediterranean coast. We are finalising the deal and it will be done in the next four weeks," Zoheir Garrana told Reuters.

He declined to give the size or value of the project.

Emaar paid 808.9 million Egyptian pounds ($142 million) last month to buy real estate developer ARTOC Group's 60%stake in their Emaar Egypt joint venture.

Emaar Egypt is developing residential, commercial and tourist projects in Cairo and on the Mediterranean coast and Emaar says it is the largest private foreign direct investor in Egypt with a portfolio of 33 billion Egyptian pounds.

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