CAIRO. Emaar Properties has acquired full ownership of its Egyptian subsidiary, Emaar Misr, following tripartite discussions with Egyptian government representatives and the company’s Egyptian partner, Artoc Group for Investment and Development. Emaar Misr has a share base of 37,730,000, of which 60 percent (22,638,000) was held by Artoc. This has now been transferred to Emaar in a final committed deal valued at 521.4 million UAE dirhams ($141.99 million), providing Emaar UAE with 100 percent ownership of its operations in Egypt. “The Egyptian government has asserted its commitment to developmental initiatives by facilitating the smooth negotiations that led to the acquisition of Emaar Misr. We fully respect the decision of the Egyptian government, represented by the Cairo Stock Exchange listing authority, not to list the shares of Emaar Misr as per their regulations,” said Mohamed Ali Alabbar, the chairman of Emaar Properties. Emaar is the largest private foreign direct investor in Egypt, with an investment portfolio of $5.74 billion, and is evaluating two future projects in the country - one on the Cairo-Alexandria Highway and the other on Cairo’s Fifth Avenue.

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