Emaar Misr, a subsidiary of UAE-based Emaar Properties, and Saudi Arabia’s “Dallah AlBaraka” Group have signed a strategic agreement to develop a luxurious residential project in Katameya, New Cairo. Covering an area of 380 acres, the project has an investment of USD 1.6bn (approximately EGP 78bn), with expected returns of up to USD 2.44bn (EGP 117bn), Invest-Gate reports.
This partnership marks the launch of an upscale community combining Emaar’s renowned designs with global living experiences, offering a fully integrated development that aligns with the company’s commitment to redefining modern upscale living in Egypt. This new project follows Emaar’s successful year with the launches of “Mivida Gardens” in New Cairo and “Marassi Red Sea,” reaffirming its ambitious vision for the future of modern living in Egypt.
Mr. Mohamed Alabbar, Founder of Emaar Properties, said: “We are proud of this new strategic partnership with Dallah AlBaraka Group, which is an extension of our commitment to supporting the Egyptian real estate sector and contributing to the country’s unprecedented urban renaissance. The Egyptian real estate market is full of promising opportunities, and we are focused on delivering high-quality projects that prioritize the comfort of our customers.”
He continued: “The launch of this project reflects Emaar’s complete confidence in the strength and attractiveness of the Egyptian market. This confidence is reinforced by our investments, which exceed EGP 1.878tn, along with a land portfolio of over 34.6mn sqm.”
Alabbar added: “We are currently executing an ambitious future development plan that will likely double these figures in the coming years, further establishing Emaar as a key partner in Egypt’s development. We are committed to creating integrated communities that offer a distinguished living experience, combining modern design, quality execution, and sustainability principles.”
Eng. Abdulaziz Yamani, CEO of Dallah AlBaraka Group, remarked: “This partnership with Emaar Misr is an important milestone in our regional investment strategy and strengthens our confidence in Egypt’s promising real estate market. Together, we aim to create a unique and high-quality destination that will make a long-lasting contribution to the urban fabric of the city.”
Emaar Misr is a leading real estate developer in Egypt, with a portfolio that includes landmark projects such as “Marassi,” “Soul,” “Belle Vie,” “Cairo Gate,” “Uptown Cairo,” “Mivida,” “Mivida Gardens” in New Cairo, and “Marassi Red Sea.”