ALBAWABA - According to its founder, Mohamed Alabbar, Emaar Misr for Development, the Egyptian subsidiary of UAE-headquartered Emaar Properties, is likely to invest approximately US$1 billion in the Egyptian economy in 2024.
In an interview with Asharq Business, Alabbar discussed the future plans of Emaar Misr while he was attending the celebration of Saudi National Day at the Marassi resort on Egypt's North Coast.
Since its entry into the Egyptian market, Emaar Misr has played a leading role in the country's real estate sector, developing an investment of approximately US$20 billion over the years. This reflects an average annual investment of US$1 billion, identifying the commitment of the company to the development of Egypt.
One of the most recent projects undertaken by Emaar Misr was the opening of The Address Hotel on the North Coast this summer, with investments amounting to over EGP 5 billion. The luxurious hotel constructed on an area of 86,000 square meters, contains 200 rooms and 169 serviced apartments, entrenching the company's interest in luxury tourism.
Marass, another flagship project of Emaar Misr, constitutes one of the huge projects undertaken by the company in Egypt. Spread across more than 1,500 feddans in the Sidi Abdel Rahman area on the Mediterranean coast, Marassi has grown to be a leading resort destination of luxury.
The move is another step taken by Emaar Misr in its long-term commitment toward the economic and tourist development of Egypt as part of expanding its reach within the country with an investment of $1 billion planned.
