Emaar strengthens global portfolio with launch of 'Emaar Square' mixed-use development in Egypt's Uptown Cairo
- Egypt: Monday, October 01 - 2012 at 15:21
- PRESS RELEASE
Emaar Properties PJSC, the global developer of iconic projects, has strengthened its international project portfolio with the launch of Emaar Square, a 'city within a city' development, within its flagship Uptown Cairo project in Egypt. The development builds on the city's growing appeal as one of the MENA region's most attractive real estate markets, and underlines Emaar's commitment to invest in the economic growth of the city through iconic master planned communities.
It will feature Egypt's largest open mall, with a retail investment value of Dhs1.8bn (EGP3bn; $0.5bn) and will draw on Emaar's credentials as developers of the iconic Dubai Mall, the world's largest shopping and entertainment destination. The Address Hotel and serviced residences offering, set in the heart of the square, will stimulate investor interest in what will be one of the city's most sought after lifestyle destinations. Emaar Square will also create thousands of new jobs in different fields which will contribute to the Egyptian economy and overall welfare.
Emaar Misr, the wholly-owned country subsidiary of Emaar Properties in Egypt, will unveil the 250,000 sq metre Emaar Square development at Cityscape Global, the premier property exhibition that is ongoing at the Dubai International Convention Centre until October 4, 2012.
Potential customers can view a detailed model of the project at the exhibition and also register interest with Emaar Misr officials and customer service representatives at the Emaar pavilion located in Hall No 7, Stand 7B10.
Ahmad Al Matrooshi, Managing Director, Emaar Properties, said: "Emaar's growth strategy is to create premium real estate assets in Dubai, our home market, by leveraging the positive growth of the property sector, as well as to expand our footprint in key emerging markets. Egypt is one of our key international markets where we are already developing three fully-established masterplanned communities. We are also focused on diversifying our revenue streams through our international operations as well as our shopping malls & retail and hospitality & leisure businesses. The mixed-use Emaar Square in Uptown Cairo is thus a perfect fit to our goal of creating long-term value for our stakeholders."
Mohamed El Dahan, CEO of Emaar Misr, added: "Cairo is fast becoming one of the most attractive real estate markets in the MENA region in terms of its potential long term opportunities and growth. Uptown Cairo is a one of a kind luxury development, bringing an entirely new definition to modern living. The crowning jewel of Uptown Cairo, Emaar Square represents an exciting new chapter, a new residential and lifestyle offering that builds on our commitment to investing further in the city's economic growth and responds to a growing demand for premium real estate. It is part of our development strategy to create a true urban masterpiece in the city."
Emaar Square is envisaged to be a city within a city offering luxury homes, an Address Hotel with serviced residences, offices, and the country's largest open shopping and lifestyle destination. It is expected to further energise the economy by attracting leading investors and also create new jobs in sectors ranging from hospitality, retail and leisure. The development will offer residents and visitors luxury living, incredible hospitality and the attractions of the city's largest lifestyle and entertainment open mall.
The open mall in Emaar Square will feature The Main Boulevard, The Fashion Walk and Entertainment Avenue offering unprecedented retail and lifestyle choices for visitors and residents. The five star premium Address Hotel, with 250 luxurious rooms and serviced residences, will adjoin the Fashion Avenue, and offer unsurpassed service and exceptional views of Emaar Square, the majestic city and beyond.
Emaar Square will fast become a must-visit destination on the international tourist trail, offering visitors incredible entertainment and hospitality choices. Through Emaar Drive and the square's unique central location, visitors will be in close proximity to the city's iconic global landmarks - The Pyramids, the majestic Khan El Khalili Souk and Saladin Citadel. The square is steps away from the bustle of the city and tourists will benefit from close proximity to the airport.
The residential neighbourhood, nestled on the outskirts of the square, will feature 1,200 luxurious new homes, set in beautiful gardens with tree lined streets and breath-taking views - a unique combination of landscaping, inspired building design and architectural excellence. Residents will enjoy a quiet haven on the doorstep of a cosmopolitan lifestyle.
A new business park, forming an integral part of Emaar Square, is set to redefine business in the heart of the city - superior offices set within classically inspired buildings offering unprecedented business amenities, steps away from the finest restaurants, a buzzing café culture and the incredible hospitality of The Address hotel and serviced residences.
Emaar Square will build on Uptown Cairo's status as a much sought-after community; spread over 4.5 million square metres and offering a wide array of facilities including sports and leisure facilities, a world-class golf course and a variety of luxurious residential villages.
Emaar Properties is showcasing its diverse portfolio of projects - both in Dubai and other key global markets - at Cityscape Global. The latest projects of Emaar in Turkey, Saudi Arabia, Morocco and Lebanon will also be showcased.
Also among the new additions to the Emaar showcase this year are The Address The BLVD, the five star premium hotel and serviced residences in Downtown Dubai, which was recently launched to overwhelming investor response. Visitors can also have an overview of new developments such as Panorama at The Views and townhouses and villas in Arabian Ranches.
Emaar will highlight its diversified growth model at Cityscape Global, including its extensive hospitality portfolio and shopping malls & retail. The company will underline the progress on ongoing growth initiatives such as the expansion of The Dubai Mall, the development of the Dubai Metro Link and the expansion of The Address Hotels + Resorts to new markets such as Kenya, where it recently signed a management agreement to operate The Address Masai Mara, a premium retreat by the world famous Masai Mara National Park.
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