Cairo – Mubasher: Emaar Misr for Development has signed two agreements with the Egyptian New Urban Communities Authority (NUCA) to establish two urban projects at a combined area of 621 feddans with total investments of EGP 49.3 billion in Sheikh Zayed Extension, according to a statement released by the Egyptian cabinet on Wednesday.  

Under the first deal, Emaar Misr will obtain a 52.4-feddan land in Sheikh Zayed, in addition to the area it waived for the establishment of roads, totalling a land area of 120.9 feddans in the new city for the construction of Cairo Gate residential project with total investments of EGP 11.5 billion. 

The second agreement includes the allocation of 500 feddans in Sheikh Zayed Extension for building a new residential project with the aim of expanding one its projects in West Cairo with total investments of EGP 37.8 billion. This project is expected to create more than 70,000 direct and indirect jobs.

The head of Sheikh Zayed Development Authority Mostafa Fahmy previously told Mubasher that Emaar Misr has bought a 68.5-feddan land, representing 50% of its owned land in Sheikh Zayed, which had previously been waived in exchange for fees imposed on the company for changing the use of the land from agricultural to residential purpose.

Fahmy also revealed that Emaar Misr obtained a 500-feddan land plot in Sheikh Zayed Extension through direct land allocation.