File Photo: An aerial view of part of New Cairo. Photo courtesy of TMG.
Dallah Albaraka is a private multinational investment group based in Jeddah, Saudi Arabia, with holdings across the Middle East, North Africa, the Far East, and Europe.
The project is expected to generate returns of around $2.44 billion (EGP 117 billion) and will feature Emaar’s signature architectural style and integrated community design. It forms part of Emaar’s ongoing expansion in Egypt’s high-end real estate market.
Emaar said the new project builds on its successful developments this year, including Mivida Gardens in New Cairo and Marassi Red Sea, and reflects the company’s long-term commitment to redefining modern luxury living in Egypt.
Mohamed Alabbar, founder of Emaar Properties, said the partnership with Dallah Albaraka extends the company’s support for Egypt’s growing real estate sector.
“The Egyptian property market continues to offer great potential, and we are focused on delivering projects that uphold the highest quality standards and prioritize our customers’ comfort,” he said.
Alabbar added that Emaar’s total investments in Egypt now exceed EGP 1.878 trillion, with a land portfolio of more than 34.6 million square meters. The company is implementing a new growth plan expected to double its investments in the coming years.
Abdulaziz Yamani, CEO of Dallah Albaraka Holding, said the partnership marks an important step in the group’s regional investment strategy and demonstrates confidence in Egypt’s real estate sector. “We are working with Emaar Misr to develop a unique destination that will make a lasting contribution to the city’s urban landscape,” he said.
Emaar Misr is one of Egypt’s largest real estate developers, with a portfolio that includes Marassi, Soul, Belle Vie, Cairo Gate, Uptown Cairo, Mivida, Mivida Gardens, and Marassi Red Sea, spanning West and East Cairo, the North Coast, and the Red Sea.
Emaar Misr signed partnership contracts in September with the Egyptian government and City Stars to launch its latest flagship project, Marassi Red Sea, in the Red Sea governorate.
A major real estate agreement is also expected to be signed with the Egyptian government on Thursday to develop the Alam Al-Roum coastal area on the Mediterranean coast.
Meanwhile, Egypt and the International Monetary Fund (IMF) are expected to begin discussions in November on completing the fifth and sixth reviews of the current Extended Fund Facility (EFF) $8 billion loan deal. Attracting foreign investment and increasing the private sector’s share in the economy are key pillars under the program.
Signaling a positive outlook, the IMF has upgraded its projection for Egypt’s real GDP growth in FY2025/2026, which began on 1 July, to 4.5 percent, up 0.4 percentage points from its June projection of 4.3 percent.
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