The net profit of Emaar Misr for Development increased 1.32x during the first half (1H) of this year, to reach EGP 3.08bn compared to EGP 1.33bn in 1H 2021.
The company’s revenues grew to EGP 7.02bn in 1H 2022, compared to EGP 3.78m in the comparable period from 2021.
Emaar Misr intends to launch the first phase of Soul resort in the North Coast, in partnership with Eagle Hills, at a rate of 25%.
The company explained that the new project will be built on an area of 518 feddan, with a total number of 2500 units, and an expected investment cost of EGP 53bn.
Last June, the Ordinary General Assembly of Emaar Misr for Development agreed to participate in a residential, tourist, and commercial project in the North Coast region with Eagle Hills through two options; by purchasing 25% of Eagle Hills shares and/or concluding partnership and management contracts to participate in the project and profits by 25%.
Mohamed Alabbar, the founder of Emaar Misr, said earlier that the company plans to deliver the first phase of the new project within two years.
Alabbar added that the new project will raise the volume of Emaar’s investments in Egypt to EGP 250bn.
The company’s board of directors agreed, in its session held on Sunday, to donate EGP 206m to the Tahya Misr Fund for the development of the village of Sidi Abdel Rahman in El Alamein.
