Emaar Properties Egyptian arm Emaar Misr is preparing to launch yet a big ticket development, tunder a strategic partnership with Saudi Arabia’s Dallah Albaraka, according to a disclosure (pdf) from the EGX30-listed company. The project with Dallah Albaraka’s Samla and Alam Al Roum for Urban Development will require EGP 78 bn — equivalent to around USD 1.7 bn at the current exchange rate — in investments and is expected to bring in returns totalling EGP 117 bn.

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The 380-feddan project will be in New Cairo’s Kayameya district. Details are still few and far between, but they say the development will feature residential, administrative, and commercial components.

“We are proud of this new strategic partnership with Dallah Albaraka Group, which extends our firm commitment to supporting Egypt’s real estate sector and contributing to the country’s unprecedented urban renaissance. Egypt’s property market is full of promising potential, and we believe in the importance of delivering projects that uphold the highest quality standards and place customer comfort first,” Emaar Properties founder Mohamed Alabbar said in a separate statement (pdf) from the company.

Emaar is doubling down on Saudi partnerships: The developer is working on a EGP 900 bnintegrated tourism complex alongside Saudi-owned Citystars Properties called Marassi Red Sea. The USD 19 bn project will feature 12 hotels, thousands of residential units, a world-class marina, and a range of leisure and community facilities.

DATA POINT- Emaar’s investment in Egypt now total EGP 1.9 tn, while its land bank currently stretches some 34.6 mn square metres. The company is now in the process of doubling these figures over the coming years, according to Alabbar.

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