By Conrad Egbert
UAE property giant spreads into North Africa once again with multi-million dollar low-rise community project plans
Emaar Properties and the Egyptian government have joined forces to build a new multi-million dollar, 220 000 m2 Smart Village in Cairo.
The low-rise development will have a 6000-seat convention centre and retail area.
This is Emaar’s second project announcement in Egypt, following the earlier US $4 billion (AED14.5 billion) Cairo Heights that was unveiled in August.
Emaar has also recently ventured into the Syrian capital Damascus where the Eighth Gate and the Damascus Hills projects are in the works.
“Today’s signing marks a significant step forward in this unique project. Emaar will bring its own expertise and excellence to the Smart Village by creating premier business environments and superb facilities,” said Mohamed Ali Alabbar, Emaar chairman.
The development will have low buildings, meandering streets and grand open squares that were modelled on the souqs of Cairo. But there will also be a convention centre with a main hall that can accommodate up to 6000 people, as well as a shopping village.
Smart Village will be 20 minutes from downtown Cairo located at the beginning of the Cairo-Alexandria highway, 10 kilometres from the pyramids. It will be easily accessible from Cairo International Airport.
“Smart Village has great potential for future development and is a remarkable location for Emaar to develop high quality real estate projects on an international scale. Egypt is a key development market for Emaar,” Ali Alabbar said.
Official investment figures have still not been finalised but they are expected to be announced within a month.