Firm wins second contract for the development of two urban projects in Uptown Cairo, Egypt
Emaar Misr, the Egyptian arm of Dubai-based real estate group, Emaar Properties, has awarded a $112.2 million contract to UAE’s Arabtec Construction for the development of two urban projects at Uptown Cairo in Mokattam, Egypt.
Arabtec Construction, a subsidiary of Arabtec Holding, will begin construction immediately for 449 residential units in the gated community of Uptown Cairo, according to statement given by Emaar Misr.
Earlier this year, Arabtec said it was awarded a $25 million contract by Emaar Misr for developing 42 residential villas in the Marassi Project, a mixed-use development, which is another project by the real estate group.
Arabtec had said in a statement that its scope of work includes construction and finishing works as well as infrastructure and landscaping works. The project duration was announced as 31 months, starting from the contract award, which was in February.
However, Arabtec earlier this month had reported a 47% slide in its second-quarter net profit as costs and expenses increased, according to a regulatory filing to the Dubai Financial Market. But, the company also maintained that it had a strong backlog of projects worth about $3.8 billion.
Meanwhile, Emaar is also caught in a land dispute for the plot on which it is developing the Marassi Project. Although, Emaar Properties has given a statement claiming that the land-ownership claim was not true and that it purchased the Marassi Project land through a public auction held by the Government of Egypt.