Cairo – Mubasher: Emaar Misr for Development, an Egyptian unit of the Dubai-based real estate firm Emaar Properties, announced signing a contract valued at EGP 1.844 billion with UAE’s Arabtec Construction for the establishment of two urban projects at Uptown Cairo in Mokattam.
Construction in the two projects, which feature 449 residential units, will start immediately, the real estate developer said in a statement to the Egyptian Exchange (EGX) on Sunday.
It is noteworthy that Arabtec Construction is a subsiairy of Arabtec Holding.
In July, Emaar Misr for Development inked a preliminary agreement with El Nasr Housing and Development to end a dispute regarding Uptown Cairo land.
El Nasr Housing and Development agreed to drop its lawsuit that demanded Emaar Misr to pay a compensation of EGP 1 billion and return 3 million square metres of land in Mokattam as it claims that Emaar Misr failed to develop the land.
During the first half of 2019, Emaar Misr for Development’s net profits declined to EGP 94.29 million, compared to EGP 1.10 billion in the year-ago period, including minority shareholders’ rights.
The property developer’s sales slid to EGP 1.45 billion in the January-June period of 2019 from EGP 1.75 billion in the corresponding period a year earlier.
As for standalone business, the company posted a profit of EGP 94.29 million in H1-19, compared to EGP 1.1 billion in H1-18.
During the second quarter of 2019, the company incurred losses of EGP 324.3 million, versus a profit of 598.49 million in Q2-18, the company’s consolidated financial results showed.