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Thursday, 11 January 2018

Emaar signs EGP 2 bn Marassi Marina contracts with OCI, ACC

Emaar signs EGP 2 bn Marassi Marina contracts with OCI, ACC: Emaar Misr signed construction contracts with Arabian Construction Company (ACC) and Orascom Construction Industries (OCI) valued at EGP 2 bn for the first phase of its Marassi Marina project on the North Coast, according to a regulatory filing (pdf). Emaar signed a EGP 800 mn contract with OCI for the construction of the marina basin, which will berth 300 boats. Emaar’s contract with ACC, worth EGP 1.2 bn, includes the construction of 826 fully finished apartments and 4,500 sqm of entertainment and commercial space. Both contracts are scheduled for delivery in 2020. The Marina project will also include a collection of award winning hotels from Emaar Hospitality Group, said Emaar Properties Chairman Mohamed Alabbar. “Our unwavering confidence in the promising Egyptian market and the investor friendly policies of the government drive us to develop unique world class projects in Egypt that compete internationally,” he added.

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