CAIRO: Emaar Egypt – wholly owned subsidiary of the UAE-based Emaar Properties – is currently finalizing negotiations to build an international school and hospital on its community residential project Uptown Cairo in Moqattam, said a company executive.
“International schools and modern healthcare centers are part of the integrated communities we develop in Egypt including Uptown Cairo. This is part of Emaar’s development strategy to create integrated neighborhoods featuring all lifestyle amenities, said Sameh Muhtadi, chief executive officer of Emaar Egypt.
“The master plan of Uptown Cairo has set aside plots for educational institutions and hospitals. [Construction] work will begin once details of the school and hospital are finalized and design is completed.
Spread over 4 million square meters on the Moqattam Hills, Uptown Cairo builds on the concept of self-sustained master-planned developments Emaar has successfully delivered in Dubai. With total investments of LE 12 billion ($2.1 billion) the mega residential project brings together all elements of modern living: schools, shopping mall, clubs, restaurants, multiplex, spas, sports facilities including an 18 hole golf course.
The company has selected Raffles Campus as well as Methodist International to operate its school and hospital. “Raffles Campus is a premier educational provider based in Singapore that was acquired by Emaar Education – the education subsidiary of Emaar Properties, Muhtadi pointed out.
Through Raffles Campus, Emaar Egypt will offer international curricula through a series of educational institutions – primary, secondary and tertiary.
“Similarly, Emaar Healthcare Group – the healthcare subsidiary of Emaar Properties – had recently signed an MoU with the US-based Methodist International to operate world-class hospitals in selected locations in the Middle East and North Africa and Turkey.
Construction work on Uptown Cairo is progressing ahead of schedule, and delivery of the first homes is due by 2010, Muhtadi said. “Investor response to Uptown Cairo has been overwhelming and we have strong sales – both from Egypt and international markets like the UAE and other GCC countries.
Besides Uptown Cairo, Emaar Egypt is currently developing three residential and commercial projects, making the company Egypt’s single largest foreign direct investor in the real estate sector with an investment portfolio of LE 31.67 billion ($5.54 billion).
Other projects include Marassi Resort (an LE 9.92 billion tourist and residential destination on the North Coast), New Cairo City (an LE 5.75 billion residential community located on the Fifth District), and Cairo Gate (an LE 4 billion commercial cum residential development on the Cairo-Alexandria desert road, which will feature the largest outdoor shopping and entertainment destinations in the country).
Emaar Properties has a presence in 36 markets, with operations in the Middle East, North Africa, Pan-Asia, Europe and North America. The company announced record revenue of $4.78 billion and net profits of $1.79 billion for the fiscal year ended December 2007. This constitutes to a 25 percent increase in annual revenues and 3 percent in net profits.