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Emaar Misr to build new residential project with EGP 37.8bn investment

Emaar Misr to build new residential project with EGP 37.8bn investment
The company plans to build integrated residential project in Sheikh Zayed
Emaar Misr
EMFD
1.34% 2.27 0.03

Cairo – Mubasher: Emaar Misr for Development signed a contract with the New Urban Communities Authority (NUCA) to acquire a 500-feddan land in Sheikh Zayed to build an integrated residential project.

The value of investments in the project is expected to reach EGP 37.8 billion, the company said in a bourse disclosure on Thursday.

During 2020, the real estate developer posted consolidated net profits of EGP 1.67 billion, down from EGP 1.73 billion a year earlier, including minority shareholders’ rights.