Cairo’s Khalifa City will be built by Emaar Properties

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CAIRO’S KHALIFA CITY WILL BE BUILT BY EMAAR PROPERTIES

Friday, 19 Dec 2008

A huge residential suburb in New Cairo will be built to accommodate thousands of impoverished Egyptians, which the U.A.E will fund and Emaar Properties will build. The Abu Dhabi Municipality signed the deal with Emaar Properties on Wednesday, and the firm is now wholly responsible for the US$100 million development project. It will be named Sheikh Khalifa bin Zayed City, after its benefactor, and is intended to provide affordable Egypt accommodation for young people who have low incomes.

Sheikh Khalifa bin Zayed, U.A.E president, made a generous grant to fund the project, and the Egyptian government donated the 200,000 square metre property in Egypt. The Abu Dhabi Municipality’s general manager, Juma Mubarak al Junaibi, said that the development would increase job opportunities in Cairo, and added, “The project highlights the strong relations and co-operation that exists between the UAE and Egypt and the wise leadership of the two countries to work towards socio-economic growth.”

Emaar is the firm that is constructing the world’s tallest tower, the Burj Dubai, and it intends to hand over the development of the property in Egypt to Emaar Misr, its entirely owned subsidiary. The agreement also ensures that, under the Abu Dhabi Municipality’s supervision, Emaar Misr will manage the development during the building phase and after it is completed, to provide maintenance as well as other services.

Emaar Properties’ chairman, Mohamed Ali Alabbar, said that the project is “momentous” for the company, and will help to provide affordable Egypt property to the large population of young people in Cairo. Thousands of poor people live in substandard accommodations in Cairo, and want to improve their living conditions by finding more suitable Egypt property to live in, although some of the possible tenants are afraid that they won’t be able to afford the new houses.

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