Cairo – Mubasher: Emaar Misr for Development has proposed to establish an investment zone at a cost of EGP 40 billion.

The company welcomes any investment-related initiatives proposed by the General Authority for Investment and Free Zones (GAFI), according to a statement to the Egyptian Exchange (EGX) on Monday.

Previously, Emaar Misr submitted a proposal to establish ‘Emaar Square’, but the proposal has not been approved yet.   

Earlier, a cabinet statement showed that the company plans to build a new investment zone over 64 feddans, comprising commercial, residential, hospitality, and services facilities.

It is worth noting that in 2019, the company achieved net profits of EGP 1.7 billion, down from EGP 3.4 billion in 2018, including minority shareholders’ rights.