• Mohamed Alabbar’s Emaar is finalizing a partnership with Saudi Dallah Al Baraka to develop a major Egypt project.
• The residential project in East Cairo spans 380 feddans, targeting around USD 3.4B in revenues for both partners.
• Emaar Misr will manage development, earning 67% of projected revenues, while the land was obtained from the Egyptian government.

Emaar

Mohamed Alabbar, founder of Emaar, real estate giant, revealed that he is finalizing an agreement with Dallah Albaraka. The partnership is set to develop a new project in Egypt.

In an interview with Alsharq, Alabbar disclosed that he is in talks with Abdullah Saleh Kamel, Chairman of Dallah Albaraka. The two have a prime piece of land and soon will sign a formal agreement to develop a project on it. 

According to Alsharq, the agreement is to develop a residential project in East Cairo covering 380 feddans. Additionally, according to the news outlet, the project aims to generate around USD 3.4 billion (EGP 160B) in revenues. They also outlined that the land is owned by Dallah Albaraka. Meanwhile, Emaar Misr will handle the development and management in exchange for 67% of the projected revenues.

Alabbar also told Asharq that they are jointly developing another real estate project in East Cairo, targeting revenues of USD 630 million.

The land for the new project is located in the Fifth Settlement area of East Cairo. Dallah Al Baraka obtained the plot from the Egyptian government in exchange for a 4-million-square-meter parcel it previously owned in the Alam Al-Roum area of Marsa Matrouh, on Egypt’s Mediterranean coast.

Bottom line: The project marks another significant collaboration between UAE and Saudi developers in Egypt’s real estate market. It also highlights ongoing collaboration between regional developers in Egypt’s real estate sector. The final approval is expected soon, marking a major regional development partnership.