It is expected that the first stage of the Emaar Square project, by Emaar Misr for Development, will be launched in the first half of 2017, the company’s chairman Mohammed Al Abbar has said.
The project is currently in the tendering phase, the top official stated, according to a filing to the Egyptian Exchange (EGX) on Thursday.
Investments in the Emaar Square project total EGP 76.4 million, the company added.
The project is “a pedestrian-friendly, aspiring mixed-use development”, and part of Emaar’s Uptown development in Cairo.
In a separate statement, Emaar Misr said that its board has not recommended dividend distributions to shareholders.
Earlier this week, the 86%-owned subsidiary of the UAE’s Emaar Properties reported a surge in its profits for fiscal year 2016 by 97%, reaching EGP 1.68 billion compared to EGP 854.67 million the year before.
Emaar Misr delivered 935 residential units in 2016, versus 820 units in 2015, it had said previously, noting that its net sales reached EGP 8.4 billion in 2015, compared to EGP 8.6 billion a year ago.
By 11:38am on Thursday, Emaar’s stock continued to trade in the green, rising 1.5% to EGP 2.71.
Source: Mubasher info.
