Emaar, Al Futtaim mull Egypt JV

Al Futtaim Group and Emaar on Tuesday announced an initial intention to enter into a EGP 5 billion (Dh3bn) joint venture agreement to develop ‘Cairo Gate’, the largest lifestyle and entertainment development on an Emaar Misr property of 160 acres of prime land on the Cairo- Alexandria desert highway.

The first phase of the Cairo Gate development will comprise a mall with a gross leasable area of 120,000 sqm, and will be anchored by Al Futtaim’s retail brands such as IKEA, Marks & Spencer, Toys “R” Us, ACE, Intersport, Guess, Esprit and others apart from restaurants, cafés and leisure outlets with a strong outdoor theme.

Cairo Gate will have a frontage of 1km along the Cairo-Alexandria Desert Road near the Smart Village commercial precinct, and will complement the residential, hospitality and commercial components of Emaar Misr's development. The primary catchment areas, including 6 October City and Giza, have a population of over six million residents.

While a mega shopping mall will be the centerpiece of the development, Cairo Gate will be complemented by an office park with facilities including a luxury hotel, schools, medical facilities and residences ranging from townhouses to villas and apartments.

Mohamed Alabbar, Chairman of Emaar Properties PJSC, said “We are proud of this partnership which will add tremendous value to the real estate and retail industry sectors at large, and we look forward to working together with Al-Futtaim Group and realising the full potential of this venture.”

Omar Al Futtaim. Vice Chairman and Group CEO said: “This JV represents a significant and long-term partnership between Al-Futtaim Group and Emaar who are on a new path for growth in Egypt. The agreement demonstrates our confidence in the Egyptian economy.”

“This is a clear evidence to our positive view on the Egyptian economy and we are confident of the investor-friendly direction of the Egyptian government especially in resolving investors’ disputes,” Al Futtaim added.





 

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