Emaar Misr makes strong progress on Marassi for on-schedule completion

Structural work of villas and townhouses in two residential villages are 80% complete, while work on other residential communities are progressing. A key leisure amenity of the project, the beach clubhouse will open to guests this summer.

Work on the LE9.92bn Marassi is being undertaken round-the-clock for on-schedule completion and delivery of homes in the first phase by end of 2010. More than 300 professionals and skilled workers are currently employed on site, and Emaar Misr is working with leading Egyptian contractors and consultants on the various components of the project designed by an international team of architects.

Mr Sameh Muhtadi, Chief Executive Officer, Emaar Misr, said:

"Marassi is one of the flagship projects of Emaar Misr, along with Uptown Cairo, and we have directed all our efforts in the timely completion and handover of the two landmark projects. Marassi's mix of residences, hotels and leisure amenities including a beach clubhouse and golf course will strengthen the local economy and significantly boost the tourism sector. By this summer, the larger masterplan of Marassi will have taken shape."

He added, "We thank our investors for their trust in our project development capabilities and our Egyptian partners in the construction of Marassi for their dedication to undertake the project as per our schedule."

Currently, the structural work for villas in the Victoria and Azura areas of Marassi are progressing at a fast pace. More than 47,455 cubic metres of concrete has already been deployed for the construction of the beach clubhouse, which will introduce a new leisure concept to the region when it opens this summer. The golf course will be another value-addition that is expected to attract European tourists to this all-year Mediterranean destination.

Mr Mohamed A. El Moshneb, Senior Director of Development, Emaar International, said, "Marassi is a truly path-breaking project in terms of build quality, diversity of components and its integration with the environment. The project builds on its scenic location along the best stretch of the historic beach on the North Coast, and has gained strong regional and international investor response."

Marassi is accessible from the Burj El Arab and El Alamein airports, both offering direct connections to major European cities, and is only a two-hour drive from Cairo. When completed, the resort, situated near the picturesque Sidi Abdel Rahman bay with calm waters and white sandy beaches, will feature up to 3,000 hotel rooms, a marina, golf course and healthcare facilities.

Emaar Misr is one of the largest foreign direct investors in Egypt's real estate sector with an investment portfolio of LE31.67bn. Emaar is also developing the LE12bn Uptown Cairo; the LE5.75bn Mivida in New Cairo City and the LE4bn Cairo Gate located at the start of the Cairo-Alexandria Desert Road. Emaar has also partnered with Abu Dhabi Municipality to develop the Sheikh Khalifa Bin Zayed Residential City aimed at providing housing for the Egyptian youth.