CAIRO: Emaar Misr for Development announced Sunday that The Arab Contractors (Osman Ahmed Osman & Co.) will be carrying out the earth work and lagoon excavation of Marassi – a LE 240 million ($43.8 million) contract.
Emaar Misr, the wholly-owned country subsidiary of Emaar Properties PJSC, has awarded its mixed used project on Sidi Abdel Rahman Bay to Arab Contractors following a bid in which several established Egyptian companies participated.
Sameh Muhtadi, CEO of Emaar Misr, and Ibrahim Mehleb, chairman of the board of directors of The Arab Contractors, signed the contract at the Emaar Sales Center in Mokattam Hills, Emaar’s largest sales cenete.
According to an Emaar statement, “work on the project will start immediately and eight months ahead of Emaar Misr’s commitment to the Egyptian government.
Mohamed El Moshneb, senior director of development at Emaar International, said “Marassi, as a unique Mediterranean resort, will deliver a new lifestyle for Egypt, and The Arab Contractors, with their expertise, will be an ideal partner for the project.
The Arab Contractors shared the same sentiment about the partnership.
“We have full confidence in Emaar Misr, proven with its achievements and projects in Egypt, Mehleb said. “The company provides several investment opportunities as well as job opportunities for Egyptian youth through its large-scale developments.
An international Mediterranean resort located on the North Coast, Marassi is a 6.25 million square meters development that features seven lifestyle districts celebrating the varied facets of Mediterranean living.
With 6 km of beachfront, Marassi offers residents an integrated neighborhood in a picturesque location. The homes are designed in various architectural styles including Egyptian, Greek, Andalusian, Italian, Spanish, Tunisian and Moroccan.
The homes are set amidst open green spaces, parks, walkways and play areas, and have easy access to the beachfront, a world-class golf course, community centre and beach club. World-class hotels and an array of restaurants serving diverse cuisine will also be included.
Muhtadi said, “Marassi, Emaar’s premier master-planned community, has been conceptualized as a world-class neighborhood, and work is now progressing earlier than schedule regarding overall project management. An advanced infrastructure is integral to the success of the project, and The Arab Contractors has extensive experience in undertaking infrastructure work.
