Back to the complete issue
Sunday, 28 March 2021

Emaar Misr to establish EGP 37.8 bn residential project in Sheikh Zayed

Emaar Misr will spend EGP 37.8 bn developing a 500-feddan residential project dubbed “Belle Vie” in Sheikh Zayed after signing a land allocation agreement with the New Urban Communities Authority, the company said in an EGX disclosure (pdf). Emaar had received the authority’s approval for the project in late 2019, following the settlement of a dispute concerning its EGP 11.5 bn Cairo Gate development on the Cairo-Alexandria Desert Road. Emaar received approval for the project’s blueprint last year.

IN OTHER REAL ESTATE NEWS- Amer Group broke ground on a EGP 2.5-3 bn mixed-use project Minya, head of real estate Hosny Omar said on the sidelines of a Thursday presser, according to Hapi Journal. The new development, which will be built over three phases, will comprise 2.5k residential units as well as commercial and entertainment facilities.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.