Cairo, Egypt, July 11, 2007: Emaar Misr for Development S.A.E, the wholly-owned subsidiary of Emaar Properties PJSC, has announced Cairo Gate, the largest lifestyle and entertainment mall to be developed in Egypt, at the EGP 4 billion (AED 2.58 billion; US$700 million) Cairo-Alexandria Desert Road project, Emaar’s mixed-use development spread over 160 acres (670,000 square metres).
Phase 1 of the mall, with a gross leasable area of 250,000 square metres located near the Sheikh Zayed Residential development, 6 October district, Zamalek, Mohandiseen and Dokki areas, will anchor a multitude of world-class shopping brands apart from restaurants, cafés and leisure outlets with a strong outdoor theme. Two new hotels linked to the shopping mall are also being planned. Emaar Malls Group LLC, a wholly-owned subsidiary of Emaar Properties PJSC, will develop the mall in conjunction with Emaar Misr.
Cairo Gate has a frontage of one kilometre along the Cairo-Alexandria Desert Road near the Smart Village commercial precinct, and will complement the residential, hospitality and commercial components of Emaar Misr’s development. The primary catchment areas including 6 October City and Giza have a population of over six million residents.
“Cairo Gate reiterates our commitment to the people of Egypt to create integrated lifestyle communities through our projects,” said Mr Mohamed Ali Alabbar, Chairman, Emaar Properties. “The outdoor shopping mall is a new concept to Egypt, and with Cairo Gate, we want to bring a new lifestyle experience to Egypt that will appeal to all sections of the society. The lifestyle and entertainment mall will be a magnet for greater investment inflow and also generate employment opportunities for Egyptians.”
Mr Sameh Muhtadi, Chief Executive Officer of Emaar Misr for Development S.A.E, added: “With Cairo Gate, Emaar Misr is positioning and pioneering retail opportunities in Cairo on par with innovative lifestyle shopping malls around the world. A strong shopping mall component is particularly important to Egypt, which is focused on long-term tourism growth strategies. Emaar Malls Group brings invaluable retail development expertise and relationships which will ensure a truly world-class shopping experience. As the driving force behind The Dubai Mall, the world’s largest shopping centre and premier lifestyle destination, we are sure that the Emaar Malls Group will bring the same global standards to the Cairo Gate project.”
Mr Alabbar added: “Emaar has diversified into malls, education, healthcare, finance, industry and hospitality & leisure in line with our Vision 2010 to become one of the most valuable companies in the world. Emaar Malls Group LLC, our wholly owned subsidiary, is developing 150 shopping malls in emerging markets in the Middle East and North Africa, the Indian Subcontinent and South Asia.”
Emaar’s Cairo-Alexandria Desert Road Community Project also envisages the creation of an office park with world-class facilities, residences and hospitality projects. Other amenities include healthcare centres, schools and places of worship.
Emaar is the single largest foreign direct investor in Egypt’s real estate sector and is developing the EGP 12 billion (AED 7.7 billion, US$2.1 billion) Uptown Cairo; and the EGP 9.92 billion (AED 6.39 billion, US$1.74 billion) Marassi, a 1,544-acre tourist and residential destination at Sidi Abdul Rahman. Emaar Misr has announced the EGP 5.75 billion (AED 3.7 billion; US$1 billion) residential community located at the fifth district New Cairo City. Investor response to the launch of Uptown Cairo and Marassi has been overwhelming.
