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Emaar unveils blueprint for US$4 billion Cairo Heights
Source: BI-ME , Author: Trevor Lloyd-Jones
Posted: Thu August 18, 2005 12:00 am

EGYPT. Emaar Properties PJSC this week announced the signing of its AED 14.5 billion (US$4 billion) Cairo Heights development, the group's first large-scale project in Egypt.

With its prime location at the highest point of downtown Cairo, construction of the seven communities that will make up the new district will begin shortly and is expected to reshape the face and lifestyle of the historic Egyptian capital.

Cairo Heights, a residential, commercial and recreation community, is being developed by Emaar Misr, a subsidiary of the UAE-based Emaar Properties and Al Nasr Housing & Development Company, an affiliate of the Housing Tourism & Cinema Holding Co. The 4 million square metres Cairo Heights will recreate the luxury and style that are features of Emaar's world-class Dubai developments.

Shafik Gabr, Vice Chairman, Issam Galadari, International Projects Executive Director, and Low Ping, Chief Risk Officer signed the agreement yesterday on behalf of Emaar Misr. Mahmood Hamdi El Heindy, Chairman and Managing Director, signed on behalf of Al Nasr Housing & Development Company.

Mohamed Ali Alabbar, Chairman of Emaar Properties, said: "Today marks a momentous occasion as we move forward with this unique project. Cairo has been described as the jewel of the orient, the city of the thousand minarets, and the melting pot of ancient and modern Egyptian civilisations. It is undoubtedly one of the greatest cities in the world and it is a rare privilege to be able to be able to contribute to its evolution.

"Cairo Heights has to reflect the spirit that helped to build this great city over millennia. The development has to be special if it is to seamlessly meld with Cairo's rich heritage. These are the objectives we have set our sights on and we are confident of achieving."

El Heindy said: "This signing will lead to the creation of one of Emaar's trademark master-planned communities in Cairo and offer the City's residents new lifestyle choices and options."

Cairo Heights, which will stretch over the Mukattam suburb, is expected to become a magnet for the capital's trendsetters. Its mixture of medium and low-rise buildings will boast spectacular views of the city and the Nile, with the most desirable addresses in Cairo.

This latest announcement signals Emaar's breakthrough development in North Africa and sees it rolling out its strategy of undertaking prestigious master-planned residential developments in the heart of major cities.

Construction will begin later this year and is scheduled to be completed in 2010.

Cairo Heights will also offer residents welcome relief from the congestion of downtown Cairo and a contrast in style and outlook to anything the capital has seen. With environment and location such important considerations for the type of customers who will buy into the Heights, buildings have been designed so that the maximum number of apartments face North and get the benefit of the cool breezes from that direction, a typical Emaar attention to detail.

Each of the Cairo Heights district's seven zones will offer a variety of residential buildings ranging from low-rise on the hillside to medium rise - from three to 22 storeys - further down the slope. The borders of each village will be defined by interior loop roads, though they will be integrated into residential neighbourhoods with internal roads and pedestrian walkways linking the village centres.

The new district will include a vibrant central town centre, an owner's private clubhouse, hotels, restaurants, cafes, schools, swimming pools, healthcare facilities, retail centres and mosques.

The highest and most visible point of the site will be developed as a town centre to create a visual connection with Greater Cairo. It will add a new feature to the skyline that will draw visitors to the area.

Emaar said in a statement will shortly launch a dedicated website to allow prospective Cairo Heights residents the opportunity to indicate their interest in the project.

Note: Emaar Properties, the Dubai-based Public Joint Stock Company, is listed on the Dubai Financial Market and is part of the Dow Jones Arab Titans Index. Emaar is the number one real estate company in the world in terms of market capitalisation. The company has witnessed tremendous growth since its inception in 1997 and boasts a rapidly growing tenant base.

In June 2005, the company crossed the historic 10,000 mark on the number of homes handed over to satisfied customers. Currently, it has several major real estate projects under various stages of development in Dubai including Arabian Ranches, Dubai Marina, Emirates Hills, The Views, The Meadows, The Springs, The Lakes, The Greens and Emaar Towers. The company also owns and manages the Gold and Diamond Park. Emaar has started construction on its most ambitious project to date, the Burj Dubai Development, which comprises the Burj Dubai, The Dubai Mall, The Boulevard, The Old Town, Old Town Island, The Residences, Burj Views, man-made lakes and landscaped parks and gardens. The company also has joint ventures and projects across the region covering Saudi Arabia, Egypt, Jordan, Morocco, India and Pakistan.

While continuing to actively pursue expansion in its core business of innovative, high quality real estate development, Emaar has diversified into related business lines to further build value for its 41,000 shareholders, which includes the government of Dubai.

Emaar owns and manages three subsidiaries: Dubai Bank (focused on retail and commercial banking), EMRILL (a joint venture with the UK-based Carillion providing innovative property and facilities management services) and Sahm (its IT services arm). Emaar is also the majority shareholder in Amlak Finance, UAE's first mortgage finance company.

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