A Memorandum of Understanding (MoU) was signed on Monday to develop a new waterfront redevelopment project in the Egyptian city of Alexandria by a subsidiary of UAE-based Emaar Properties and Artoc Group along with Alexandrina Bibliotheca (Alexandria Library).
The MoU, signed by Emaar Misr for Development S.A.E. and Artoc Group for Investment and Development, marks the fifth major foray into Egypt for Emaar, according to Khaleej Times. The redevelopment project aims to provide a spectrum of facilities on 'Kouta Land', west of the library.
"It is truly an honor for Emaar to be working on this Bibliotheca Alexandrina redevelopment project," said Emaar Chairman Mohammed Ali Alabbar at the MoU signing ceremony in the resort town of Sharm El Sheikh in Egypt's Sinai peninsula.
Emaar Misr Vice-Chairman Shafik Gabr and Dr. Ismail Serageldin, Director of Bibliotheca Alexandrina, were also in attendance at the signing ceremony.
Last year, Emaar announced the development of a 4 million square meter residential, commercial and recreation development in Cairo, as well as a 280 acre integrated community in Egypt's Smart Village. Smart Village features a hotel, residential apartments, a convention and exhibition center, commercial, office space as well as a shopping center.
Emaar is reportedly planning additional projects in Egypt in the future.
