Emaar Misr, Cairo-based unit of UAE’s Emaar Properties, signed an EGP 1.845 bn contract with Dubai-based Arabtec Construction, a subsidiary of Arabtec Holding, to establish two urban projects in Uptown Cairo, an integrated gated compound perched atop Mokattam Hills, Invest-Gate reports.

Under the deal, Arabtec Holding’s unit will immediately commence works on both compounds, which will feature a total of 449 residential units, Emaar Misr said in a bourse filing on August 25.

Located virtually minutes away from any Cairo address, thanks to the new Emaar Drive, with access to the 6th of October Bridge, the world-class golf community covers 1,000 acres in the heart of the city. It sits 200 meters above sea level, giving its residents refreshingly cooler temperatures and boasting hilltop villas with mesmerizing views of the city.

In July, Emaar Misr inked a preliminary settlement deal with state-owned company El Nasr Housing and Development to end disputes for a land parcel in Uptown Cairo. The former developer had to pay a compensation of EGP 1 bn and return 5% of the compound’s land area to the government.

Meanwhile, Reuters reported on August 20 that businessman Waheed Raafat has filed a legal case against Emaar Misr claiming to own a 400-acre plot within the developer’s North Coast compound, Marassi. Yet, the latter denied such allegations and said that the area is legally registered at the Egyptian Land Registry under its name, stressing that it has been purchased from the government through an auction, according to a previous filing.

On August 6, Emaar Misr announced a 91% drop year-on-year (YoY) in its profits during the first half of 2019. The company’s net profits fell to EGP 94.29 mn in the six-month period, ended on June 30, compared to EGP 1.10 bn in the prior-year period.