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Overseas Property News
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Emaar to build £67m city in Egypt
Country: Egypt
15 December 2008
Abu Dhabi Municipality has appointed Emaar Properties to construct Sheikh Khalifa bin Zayed City in New Cairo, Egypt, at a cost of Dh367m (£67m).
The new city is a gift from the President Sheikh Khalifa bin Zayed Al Nahyan, Ruler of Abu Dhabi, to disadvantaged youth in Egypt
The municipality and Emaar yesterday signed a memorandum of understanding in the presence of Emaar chairman Mohamed Ali Alabbar and Abu Dhabi Municipality General Manager Jumaa Al Junaibi.
Emaar, which already has housing projects underway in Egypt, has a reputation for high standards of building and finishing.
Al Junaibi said the municipality has received the land from Egypt’s Ministry of Housing, which will include up to 16,000 residential units
Al Junaibi said Sheikh Khalifa bin Zayed City is among the many gifts from the UAE that aim to create stability and development in Egypt. The city will be built over an area of 2m sqm and provide necessary housing for Egyptian youths at nominal rents.
He said the city would also include health, education, entertainment and sports facilities in addition to a modern infrastructure. Plans are to hand housing units over four years after the start of building work.
Browse other Egyptian property news stories, read articles about investing and buying property in Egypt or view our range of property in Egypt.
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