Emaar Misr said its board of directors approved on April 16 donating EGP 878 mn (USD 50 mn) for the development of slums and informal settlements in Egypt, Invest-Gate reports.

The donation comes out of Emaar’s belief in the developmental role private sector must play by contributing to community-based initiatives, as well as, improving the living conditions of the neediest families by developing informal areas, according to an official statement on April 17.

Mohamed Alabbar, chairman of Emaar Properties, said the company has been able to win the confidence of the Egyptian people through its distinguished projects in Egypt.

Alabbar added, “As a real estate developer, we are not only interested in building investment projects but also in achieving equal living opportunities for all. This is our contribution to the development of informal areas, believing in the importance of these projects and their ability to achieve human development. This is in the interest of the Egyptian economy and the region.”

“We, at Emaar, are interested in participating in community initiatives and we are well aware of their role in achieving social balance,” he noted.

The chairman called on all private sector institutions and businessmen to participate in community initiatives as part of their responsibility towards the community in which companies invest to contribute to the renaissance of society and integrate with the various efforts of the government in this regard.

Last year, Emaar Misr in cooperation with Misr El Kheir Foundation has launched the first phase of “Beyout Al Kheir” project to improve the living conditions of thousands of less privileged families in Egypt’s villages and governorates.

“For each unit, we build in Emaar’s projects across Egypt, we will build a residential unit for less privileged families in Egyptian villages,” Alabbar noted earlier.

The project’s investments are worth EGP 259.38 mn (USD 15 mn) will be paid over three years, the statement highlighted.