Cairo, Egypt, June 30, 2007: Emaar Misr for Development S.A.E, the wholly owned Egyptian subsidiary of Emaar Properties, is creating a self-sustained total township with Uptown Cairo, the first of its kind master-planned project in the country. The EGP 12 billion (AED 7.7 billion, US$2.1 billion) mixed-use development features a Business Park, resorts, spa, sports & leisure facilities, a world-class golf course and several residential villages. The Uptown Cairo sales centre, featuring true-to-type models of the project’s various components, will soon receive visitors.
Spread over 4 million sq. mtrs, Uptown Cairo is located on the Mokattam Hills, 200 metres above sea level. The new downtown will serve as a city within a city offering investment options in prime residential, commercial, retail and hospitality space.
“With Uptown Cairo, Emaar Misr is bringing to Egypt a new era in property development where the focus is on creating a total township that complements the economic growth of the country,” said Mr Mohamed Ali Alabbar, Chairman, Emaar Properties. “We are replicating the successful Dubai model of achieving impressive scales in property development and delivering a world-class living and work environment.”
He added: “Energized by the economic reforms and greater foreign investment inflow, the Egyptian economy is on overdrive. There is a steady demand for modern living quarters from the burgeoning population of professionals and entrepreneurs as well as from discerning tourists: Uptown Cairo meets their needs.”
Characterised by cooler climates and opening to an expansive green vista, Uptown Cairo underscores Emaar’s positioning as a total lifestyle provider. “Uptown Cairo brings together all elements of modern living –schools, shopping mall, grand clubs, restaurants, multiplex, elegant spas and resorts offering natural therapies, leisure facilities including an 18 hole golf course, tennis courts, soccer field, an advanced Business Club and residences,” said Mr Sameh Muhtadi, Chief Executive Officer of Emaar Misr for Development S.A.E.
Uptown Cairo will include distinctive neighbourhoods that feature homes in Mediterranean, Spanish and Tuscan architectural styles, all set in lushly landscaped surroundings with generous floor plans that accentuate the feeling of space. The apartments are well detailed out and the spacious balconies and roomy windows open to lush green landscapes that add to the quality of living.
The Uptown Business Park has been specifically planned to serve as a perfect place for businesses to flourish and will have advanced infrastructure including hi-speed telecom and internet connectivity. The Business Park is located near the residences and will have a novel transport plan that will cut commuting time.
The Uptown Golf Club anchors the residential quarters and will feature a modern club house with an array of food and beverage options. The retail component of the project will be centred on the Uptown Mall and Uptown Town Centre with a range of shops and boutiques that also showcase traditional craftsmanship. Recreational facilities also include the Uptown Spa, Uptown Country Club, community centres in each residential village, swimming pools, a health spa and gymnasium. Uptown Cairo further builds its community appeal with healthcare providers and places of worship.
Emaar is the single largest foreign direct investor in Egypt’s real estate sector and is also developing the EGP9.92 billion (AED 6.39 billion, US$1.74 billion) Marassi, a 1,544-acre tourist resort. Emaar Misr recently announced two new projects: the EGP 5.75 billion (AED 3.7 billion; US$1 billion) residential community located at the fifth district New Cairo City and the EGP4 billion (AED 2.58 billion; US$700 million) residential-cum-commercial project located at the start of the Cairo-Alexandria road.
Emaar’s expansion into Egypt is in line with its Vision 2010 to become one of the most valuable companies in the world. The company today has a significant presence in 16 countries globally and has also diversified into education, healthcare, shopping malls, finance, industry, and hospitality & leisure.
