Arab Finance: Emaar Misr for Development’s (EMFD) ordinary general meeting (OGM) has agreed to enter into a partnership with the Egyptian unit of the Abu Dhabi-based developer Eagle Hills in a residential, tourism, and commercial project in Egypt’s North Coast, according to a filing to the Egyptian Exchange (EGX) on June 22nd.

Accordingly, the partnership will be implemented through the purchase of 25% of the company’s shares at a nominal value of EGP 15.625 per share and/or by signing partnership and management agreements to participate in 25% of the project and its profits.

It is worth noting that Emaar Misr recorded EGP 1.582 billion in consolidated net profit excluding minority interest, compared to EGP 529.12 million in Q1 2021.

Established in 2007, Emaar Misr is engaged in real estate development operations. It undertakes commercial and residential development projects such as residential villages and communities, business centres, malls, shopping complexes, villas, townhouses, and apartments.