Cairo, Egypt; February 3, 2008: Emaar Misr for Development S.A.E, the wholly-owned country subsidiary of Emaar Properties PJSC, has awarded the earthwork and lagoon excavation EGP 240 million (US$43.8 million) contract for Marassi, Emaar’s mixed-use project on Sidi Abdel Rahman Bay, to The Arab Contractors (Osman Ahmed Osman & Co.).
Mr Sameh Muhtadi, CEO of Emaar Misr, and Mr Ibrahim Mehleb, Chairman of the Board of Directors of The Arab Contractors, signed the contract at the Emaar Sales Centre in Mokattam Hills, Emaar’s largest sales centre. The signing of the contract followed a bid in which several established Egyptian companies participated. Work on the project will start immediately and eight months ahead of Emaar Misr’s commitment to the Egyptian government. The sales centre displays models of Emaar Misr’s projects including Marassi and Uptown Cairo as well as the homes within the two communities, currently, on sale.
An international Mediterranean resort located on the North Coast, Marassi is a 6.25 million sq m development that features seven distinct lifestyle districts celebrating the varied facets of Mediterranean living. With 6 km of beachfront, Marassi opens to one of the most beautiful beaches and offers residents an integrated neighbourhood in a picturesque location. The homes are designed in various architectural styles including Egyptian, Greek, Andalusian, Italian, Spanish, Tunisian and Moroccan. The homes are set amidst open green spaces, parks, walkways and play areas, and have easy access to the beachfront, a world-class golf course, community centre and beach club. World-class hotels and an array of restaurants serving diverse cuisine will add to the lifestyle elements, and residents can look forward to several beach facilities.
Mr Muhtadi said: “Marassi, Emaar’s premier master-planned community, has been conceptualized as a world-class neighbourhood, and work is now progressing earlier than schedule regarding overall project management. An advanced infrastructure is integral to the success of the project, and The Arab Contractors has extensive experience in undertaking infrastructure work.”
Mr Mehleb said: “We are pleased with the signing of the contract with Emaar Misr for Development S.A.E for co-operation on the mega project, Marassi. We have full confidence in Emaar Misr, proven with its achievements and projects in Egypt. The company provides several investment opportunities as well as job opportunities for Egyptian youth through its large-scale developments. Our faith in Emaar Misr as a partner is based on mutual trust and cooperation. The Arab Contractors is committed to completing the contract work for Emaar Misr in the allotted time, and in accordance with the signed deal.”
Mohamed A. El Moshneb, Senior Director - Development, Emaar International, said: “Emaar Misr is tapping local construction expertise in developing its world-class projects in Egypt as part of its long-term commitment to the country. We are committed to offering international standards in the architecture, design and other development aspects of our projects. Marassi, as a unique Mediterranean resort, will deliver a new lifestyle for Egypt, and The Arab Contractors, with their expertise, will be an ideal partner for the project.”
Marassi homes opened for sale to strong investor response. Appealing to tourists as an all-season, year-round destination, Marassi enjoys a central location for international investors, being just over an hour away from Turkey and two hours from Rome. Marassi is accessible from the Burj El Arab and El Alamein airports, some 20 minutes away.
Emaar Misr is a significant foreign direct investor in the country’s real estate sector with a development portfolio of EGP 31.67 billion. In addition to the EGP 9.92 billion Marassi, Emaar is developing the EGP 12 billion Uptown Cairo, the EGP 5.75 billion residential community located at the fifth district New Cairo City; and the EGP 4 billion commercial cum residential development on the Cairo – Alexandria desert road, which also features the largest outdoor shopping and entertainment destinations in the country, Cairo Gate.
