DUBAI: Emaar Properties Egyptian subsidiary, Emaar Misr for Development, will spend around LE 4 billion ($712 million) from residential sales and reserves to develop three projects, the developer said.
Emaar Misr for Development is currently developing Uptown Cairo, Marassi and Mivida, which will see significant construction progress this year, Emaar Properties chief financial officer Amit Jain said in a statement on Dubai s bourse website on Tuesday.
Sales in Uptown Cairo and Marassi last year were robust, while Emaar Misr sold more than 60 units since the launch of the first phase of Mivida in February, Jain said, adding the construction of the Business Park and other infrastructure work is already underway with master-planning completed.
The subsidiary is in talks on the terms of the home finance agreement with Amlak Finance and Egyptian Housing Finance Company, he said.
