Emaar Misr launches third project in Egypt

Emaar Misr for Development, the wholly-owned subsidiary of Emaar Properties, has launched the EGP5.75 billion (Dh3.79bn) Mivida community in New Cairo City.

Mivida is Emaar Misr's third integrated project in Egypt following Uptown Cairo and Marassi, both of them currently being developed on schedule.

The 3.8 million square metres development is located about 1.5km from the American University in Cairo.

The integrated neighbourhood will feature 5,000 apartments, townhouses and villas in sizes starting from 230sq m.

Sameh Muhtadi, Chief Executive Officer, Emaar Misr for Development, said: "The launch of Mivida underscores our long-term commitment and confidence in the real estate market in Egypt. We believe the fundamentals of the market are robust and continue to present an attractive investment opportunity for both local and the international markets."

He said: "The construction of the Business Park and other infrastructure work is already under way, and master-planning has been completed. The model of the Mivida community is displayed at the Emaar Misr Sales Centre in Al Mukkatam. Sales of homes within the community will start shortly. Mivida will add to Emaar Misr's commitment to support Egypt's socio-economic growth by creating several hundred job opportunities."

Emaar Misr is one of the largest foreign direct investors in the country's realty sector.

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