Emaar buys out Egypt partner

Emaar Properties has bought out the remaining 60% of its Egyptian joint venture property development partner Emaar Misr for an undisclosed fee in conjunction with its rapid expansion plans in the country.In statement, Mohamed Ali Alabbar, chairman of Emaar Properties, announced that the company had signed a final committed deal with its Egyptian partners in Cairo to buy the remaining 60% of the shares it did not previously own in Emaar Misr Development Company. The transfer of shares is expected to be concluded by March 27.The property giant is developing projects worth an estimated US$6bn in Egypt.
"We take this opportunity to reiterate our commitment to our investment plans for the Egyptian market through our ongoing and future portfolio of projects that covers not only real estate but also other economic sectors including retail, education, healthcare, finance, industry and hospitality and leisure. Alabbar added that Egypt was a "key market" for Emaar, that opportunities presented by the country were a "top priority" and that the business was shortly due to announce "two major projects in Egypt".

Emaar has two ongoing projects - Uptown Cairo and Marassi. Uptown Cairo is a mixed-use development spread over four million square metres in downtown Cairo. The new district will include a central town centre, an owner's private clubhouse, hotels, restaurants, cafes, schools, swimming pools, healthcare facilities, retail centres and places of worship.Marassi is a 1544-acre tourist resort project located on Sidi Abdel Rahman and Alamein - the land won by Emaar in a keenly contested bid for US$175m.The project is set to be completed within five-and-a-half years with up to 3000 hotel rooms, a marina, golf course, healthcare facilities and total township development. Source