CAIRO: Emaar Misr, the wholly-owned subsidiary of global property developer Emaar Properties PJSC, announced that it would hand over residences and commercial properties in its developments in Egypt by the end of this year. Using digital countdown displays with the days, hours and minutes to completion mounted in front of intricate models of their developments at this year's Next Move 2010 exhibition, Emaar Misr was stressing its commitment to handing over the first residences in the first phase of Uptown Cairo and Marassi on schedule. “Next move is a very good venue to showcase our projects. This is our third year here and many people already know our projects, so this year we will focus on where are we in the development of our projects and our commitment to hand them over on time with highest international quality standards,” said Hazem Ashry, general manager of Emaar Misr. Emaar Misr is one of the largest foreign direct investors in Egypt's real estate sector with an investment portfolio of LE 31.67 billion. “Emaar properties invested into Emaar Misr more than LE 1 billion as share equity and additional funds to be able to acquire the land and commence with its projects,” Ashry added. Loans and bridge funds were acquired from banks using their positive financial results and the strength and reputation of their parent company, which is responsible for Dubai's (Burj Khalifa) Khalifa Tower and Dubai Mall, international developments that according to Ashry are no different from the standards they expect to achieve in Uptown Cairo, Marassi and Mivida. Ashry described Uptown Cairo as a 4.5-million-square-meter “city within a city.” It's “a comprehensive, fully integrated beautiful community development on the hills of Mokattam. It has internal vistas overlooking the golf course and outstanding hilltop views of the Heliopolis and Nasr City side of Cairo. Its elevation means that pollution is very low and the temperature is lower than in downtown Cairo,” added Ashry. “It has different residential properties ranging from villas to high rise apartments, a commercial hub that includes a mall, hotel, offices, clinics and an international school. People do not need to leave. All these characteristics make it the new heart of Cairo and that's what we are calling it,” said Ashry. Emaar also invested heavily in external infrastructure. “We are building a new road linking Uptown Cairo to Sixth of October Bridge, coming from Abassia towards Nasr Road. This will definitely enhance accessibility to the project,” said Ashry. Emaar has invested LE 250 million in this road. The infrastructure is environment-friendly and aims for efficient use of resources, he said. “We invest in external and internal infrastructure, and contribute in upgrading the infrastructure around us so the benefit goes not only to us but to those around us as well.” “We built a power station for Uptown Cairo and we are going to fund this power station from our own resources. We are also going to spend a considerable some of money in extending a grey/brackish water pipe to Uptown Cairo for irrigation. And this is quite sensible from a developer like us … we do not put pressure on fresh water resources. We also have sewage treatment plants se we can use internally produced sewage, reprocessing it and pumping it into the golf course and green areas. We do this as we go along in all of our developments,” added Ashry. Ashry asserts that Emaar will maintain high standards in all their projects. “It's all about superior destinations and integrated communities, keeping our international standards and maintaining our commitments.”
