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Emaar Misr announces "New Mivida" project with investments of EGP 145 Billion
Emaar Misr for Development (EMFD) announced its participation in the integrated residential project “New Mivida” in New Cairo, with investments reaching EGP 145 billion. This is part of the company’s expansion vision in the Egyptian real estate market.
Details
Emaar Misr signed a strategic partnership agreement with Midar for Investment and Urban Development to implement the project. The project is located in a “strategic location” on the Cairo-Suez Road, covering an area of 500 acres.
The company also revealed on Sunday that the project will include more than 2,900 residential units, including villas and apartments. Additionally, the project will feature a sports club and a school.
Ongoing Cooperation
Emaar Misr and Midar also signed another partnership agreement to develop the first integrated residential project in the “Mada” city in East Cairo, with a contractual value of around EGP 14 billion. The agreement aims to develop and invest in a plot of land covering 500 acres under a revenue-sharing model.
The future investment value of the project is expected to rise to EGP 100 billion, with the initial value reaching millions of dollars.
Expansion
Emaar Misr, a subsidiary of Emaar Properties, the largest real estate developer in the UAE, seeks to expand its project portfolio in key strategic locations. This is part of its ongoing efforts to strengthen its local presence and contribute to urban development by offering integrated residential and commercial projects in line with the highest local and international construction standards.
Optimism for the Real Estate Market
Mohammed Al-Abbar, the founder of Emaar Properties, stated that the company’s investments in Egypt currently amount to USD 18 billion. He added in an interview with “Al Arabiya Business” that their investments in the country will not be affected by geopolitical tensions and are expected to rise to USD 25 billion within the next three years.
Finally, he confirmed that the investment in the “Mivida” project is worth USD 3 billion, with Emaar Properties holding the majority stake in the project.
Madinet Masr records highest sales ever last year
Madinet Masr for Housing and Development (MASR) achieved its highest total sales in history last year, surpassing EGP 46 billion, thanks to the sale of 4,708 residential units from its projects.
Factors Behind Success
The leading Egyptian real estate development company attributed its sales growth to following a “well-planned strategy” in 2024, as well as launching several new projects, including new phases in “Taj City,” “Sarai,” and “The Butterfly” in “Mostakbal City.” The company also launched “Taj” as the first fully integrated commercial area within “Taj City.”
Successful Partnerships
Madinet Masr highlighted a series of strategic agreements, including cooperation with Midar, the master developer of “Mostakbal City” and “Mada” in East Cairo, to develop an integrated urban project in Mostakbal City. Additionally, it partnered with “Heliopolis Housing and Development” (HELI) to expand in New Heliopolis and with “Zahraa Maadi for Investment and Development” (ZMID) to develop an integrated project in New Heliopolis.
Big Ambitions
Madinet Masr plans to develop its land bank of over 12.7 million square meters by creating new residential units and commercial projects, in line with the highest standards of efficiency and quality.
It is worth noting that the company’s net profits exceeded EGP 2 billion during the first nine months of 2024, marking an annual increase of approximately 88%. Sales also rose to EGP 7.45 billion, compared to EGP 4.69 billion in the same period of 2023.
What else is clapping?
- CIRA Education to Acquire 90% of Cairo Educational Services
Cairo-based private education giant, CIRA Education (CIRA), has decided to acquire up to 90% of the issued capital of Cairo Educational Services (CAED). The initial price is set at EGP 30 per share, with CAED remaining listed on the Egyptian Stock Exchange.
CIRA Education plans to make a mandatory purchase offer as part of a deal led by Saudi-backed Social Impact Capital. The latter increased its stake in CIRA from 51.2% to 88.7% with an investment exceeding EGP 3 billion.
- Major Transaction in Ezz Steel Shares Valued at EGP 44.6 Billion
Ezz Steel (ESRS) executed a major share transfer deal valued at EGP 44.6 billion through large block transactions. This was aimed at restructuring the capital between the affiliated companies.
The deal involved transferring 333.9 million shares from the company’s major shareholder, Ahmed Abdel Aziz Ezz, to Ezz Holding Group for Industry and Investment. Ahmed Ezz holds 99.6% of the group’s capital.
Notably, the company’s extraordinary general assembly recently unanimously approved the delisting of Ezz Steel shares from the stock exchange.
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