Emaar Misr lays the foundation stone for Cairo Gate’s project in Sheikh Zayed and launches the project’s second phase 

Amr Diab performed at the launch party in the presence of politicians, media personalities, and artists

Alabbar: We are dealing flexibly and professionally with the current emergency circumstances and we are achieving our goals, thanks to the cooperation of the government and our partners Emaar Misr has celebrated laying the foundation stone of Cairo Gate project in Sheikh Zayed in the presence of H.E Dr. Hisham Tawfik, Minister of Public Business Sector as well as H.E Dr. Khaled El-Enany, Minister of Tourism and Antiquities, and Mr. Mohammed Alabbar, founder of Emaar Properties.

The Foundation Stone Laying Ceremony for Cairo Gate coincided with the celebration of the launching of the project’s second phase, building on the success of its first phase, which was launched last March. Cairo Gate is Emaar Misr’s first project in west Cairo, spanning an area of 133 feddans at the heart of Sheikh Zayed, with investments amounting to EGP 11.5 billion.

At the start of the celebration, where megastar Amr Diab performed in the presence of a myriad of politicians, media personalities, and artists, Mr. Mohamed Alabbar, founder of Emaar Properties, said: “Despite the harsh circumstances faced by the global economy during the past months, Emaar Misr, as an institution, has a solid management basis and it always sets up scenarios for various risks along with plans on how to tackle them. It dealt with flexibility and professionalism with the circumstances imposed by Covid-19 and we managed in Emaar Misr, through the government’s constructive cooperation, our work team, and partners, to continue accomplishing our goals amidst the hardest of circumstances, and this is evidenced by the successful launch of the first phase of Cairo Gate and the launch of the second phase today”.

Alabbar added in his speech: “The Egyptian economy has proven its ability to deal with sudden crises, by the testimonies of international institutions and experts, and has achieved the highest growth rate among emerging markets in 2020. This pushes us, in Emaar Misr, to work more and expand our projects in Egypt, as Emaar Misr has a dream of having a community in each governorate. Cairo Gate’s project, west of Cairo, will be the window which Emaar will open for the world to see the beauty of this rich area, located in close proximity to the Grand Egyptain Museum, the pyramids, and vital business areas in Cairo and Alexandria”.

Emaar Misr launched the first phase of Cairo Gate last March, becoming its first integrated residential project in Sheikh Zayed, west of Cairo. In addition to villas, housing units, and serviced apartments, it also comprises a business work space, commercial areas, and a hotel.

With total investments of EGP 950 million, Emaar Misr has inaugurated Address Marassi Golf Resort, the first branch of Address Hotels + Resorts brand in the North Coast’s Marassi, six months before its scheduled opening date. It has also recently signed with Tahya Misr Fund a cooperation protocol to execute the first phase of a sustainable development plan in Sidi Abdel Rahman village, at a cost of EGP 20 million, to support the village’s infrastructure and the services provided to its residents.

Emaar Misr has recently contributed EGP 878 million to national projects implemented by the Egyptian cabinet, in addition to EGP 10 million last April to Tahya Misr Fund and the medical sector to support the Egyptian government’s efforts in facing the repercussions of Covid-19. Emaar Misr also launched in 2018 Beyout Al Kheir project and has since finalized its first phase by rehabilitating and rennovating 1,000 housing units and kick started its second phase to rehabilitate more houses and create more income-generating projects across a number of governorates. Beyout Al Kheir is one of the largest development projects funded by the private sector in Egypt, where Emaar develops a housing unit for an underprivileged family for each unit it builds in its projects in the country.