Emaar Properties PJSC has appointed Mr Sameh Muhtadi as Chief Executive Officer of Emaar Misr for Development S.A.E, the wholly owned subsidiary of the Dubai-based property developer. Mr Muhtadi will focus on implementing Emaar Misr’s four projects in Egypt and also identify new growth areas.
“Egypt has enormous growth potential and is one of our strategic markets. Having consolidated our presence in the country and restructured the company structure, we are now going full-steam ahead to implement our projects that have gained the confidence of the Egyptian investors,” said Mr Mohamed Ali Alabbar, Chairman, Emaar Properties. “Mr Muhtadi has proven global experience and expertise in delivering mega-projects - knowledge that is essential to achieving the international standards we have set for our development portfolio in Egypt.”
Muhtadi has over 24 years of experience in construction management with specialized expertise in engineering, procurements, contracts and construction. His work experience covers on-schedule delivery of mega projects in the US, Europe, the Middle East and Near East. He has established successful presence for the organisations he worked for in Russia, Bahrain, Afghanistan, Iraq and Egypt.
“Emaar’s diverse portfolio of mixed-use projects in Egypt complement the government’s developmental strategies for the country,” said Mr Muhtadi. “The projects will integrate the global best practices in engineering, architectural and construction to ensure that they bring about a new lifestyle to Egypt, while also strengthening the economy by offering job opportunities.”
Muhtadi was previously Chief Executive Officer of Orascom Construction Industries in India and earlier served as Executive Vice President, Contrack-Orascom, headquartered in Arlington, Virginia. He worked for the company from Cairo for 16 years executing more than 37 projects. He has also worked as Senior Contract Administrator with Parsons Management in Washington DC.
Muhtadi started his career with the AEGIS Group of Companies as Project Manager for university and housing projects in Saudi Arabia. He then worked on housing projects in Cuba and Germany for AEGIS-Zublin.
A graduate in Civil Engineering from Enfield College of Technology, UK, Sameh holds a Masters degree in Construction Management from the George Washington University, USA. He is a member of the American Society of Civil Engineers.
Emaar is the single largest foreign direct investor in Egypt’s real estate sector and is developing the EGP9.92 billion (AED 6.39 billion, US$1.74 billion) Marassi, a 1,544-acre tourist resort; and the EGP12 billion (AED 7.7 billion, US$2.1 billion) Uptown Cairo mixed-use development. Emaar Misr recently announced two new projects: the EGP 5.75 billion (AED 3.7 billion; US$1 billion) residential community located at the fifth district New Cairo City and the EGP4 billion (AED 2.58 billion; US$700 million) residential-cum-commercial project located at the start of the Cairo-Alexandria road.
About Emaar Properties PJSC:
Emaar Properties PJSC is one of the world’s largest real estate companies and is rapidly evolving to become a global provider of premier lifestyles. Powered by its Vision 2010 to become one of the most valuable companies in the world, Emaar is charting a new course of growth with a two-pronged strategy of geographical expansion and business segmentation.
Replicating its successful business model in Dubai, Emaar is extending its expertise in creating master-planned communities to international markets. Emaar is also developing new competencies in retail, hospitality and leisure, education, healthcare, finance and industry, which have evolved from its integrated approach to customer service and property development.
Listed on the Dubai Financial Market, part of the Dow Jones Arabia Titans Index and certified to ISO9001:2000 for quality standards, Emaar is developing Burj Dubai, on its way to become the world’s tallest tower, and The Dubai Mall, one of the world’s largest shopping and entertainment destinations. In Saudi Arabia, Emaar is developing King Abdullah Economic City, the region’s largest private sector-led project. Emaar’s portfolio currently covers the following countries: the UAE, Saudi Arabia, Jordan, Syria, Lebanon, Morocco, Egypt, Turkey, Libya, India, Pakistan, Indonesia, the US, the UK, France and Canada.
An award-winning developer, Emaar has strengthened its product sale competencies, market reach and best practices through strategic acquisitions and joint ventures. Emaar acquired John Laing Homes, America’s second largest privately held home builder; Hamptons International, UK’s premier realtor; and formed a joint venture with US-based Turner International to strengthen execution capabilities.
Emaar has joined hands with Giorgio Armani and Accor Hotels to strengthen its presence in hospitality, and will launch ten luxury Armani resorts and hotels world-wide and 100 Formule 1 budget hotels in India. The company is opening educational institutions and healthcare centres in South Asia, Middle East and North Africa and the Subcontinent. Emaar acquired Singapore-based leading education provider, Raffles Campus, to extend expertise to its educational institutions.
Emaar holds 30 per cent equity in Dubai Bank, focused on retail and commercial banking. Emaar is also the largest shareholder in Amlak Finance, UAE's leading Islamic home financing company. For more information, visit www.emaar.com.
