CAIRO Feb 17 Emaar Properties'
Egyptian subsidiary, Emaar Misr, will spend up to 6 billion
Egyptian pounds ($861.91 million) on a residential and
commercial project in Cairo after signing a protocol with
Egypt's government, it said in a statement.
Emaar Square is part of its 4.5 million square metre
development called Uptown Cairo which will cost up to 12 billion
On Sunday, Emaar signed a protocol with the Egyptian
Ministry of Defence, Ministry of Investment and the Cairo
authorities in order to start work on Emaar Square.
The firm will begin work on Emaar Drive that will connect
Uptown Cairo to key destinations in central and greater Cairo.
Egypt has struggled to attract foreign investors due to
economic and political instability after the popular uprising
toppled autocrat Hosni Mubarak in 2011.
The army, prompted by mass protests, overthrew the country's
first democratically elected leader Mohamed Mursi in July and
the government launched a crackdown on his Muslim Brotherhood
supporters, sparking another wave of unrest in the country of 85
But the army-backed interim government, supported by more
than $12 billion in aid from Gulf Arab states, is pushing on
with a political roadmap that will lead to presidential and
parliamentary elections this year.
($1 = 6.9612 Egyptian pounds)
(Reporting by Asma Alsharif, editing by David Evans)