Emaar Misr signed a partnership contract to implement a residential, touristic, and commercial project in the North Coast with Eagle Hills Egypt for Projects and Investment Management.
The company indicated that 25% of the shares of Eagle Hills Egypt were acquired at a nominal value for the implementation of the projects.
The General Assembly of Emaar Misr for Development has agreed to enter into a partnership with Eagle Hills Egypt for project management and investment to develop a new tourist project in the North Coast.
On 29 May, the company’s Board of Directors gave a preliminary approval to enter into a partnership with a new residential and tourism-commercial project in the North Coast with a participation rate of 25% (without further details about the partner).
The profits of Emaar Misr for Development increased 1.32 times during the first half (1H) of this year to reach EGP 3.08bn compared to a net profit of EGP 1.33bn in the comparable period from 2021.
The company’s revenues also increased to EGP 7.02bn, up from 1H 2021’s EGP 3.78m.
Furthermore, Emaar Misr announced the launch of the first phase of the SOUL project in the North Coast in partnership with Eagle Egypt Project Management at a rate of 25%.
The company explained that the new project in the North Coast will be built on an area of 518 feddans with a total number of 2,500 units and an expected investment cost of EGP 53bn.
