Emirati Emaar to expand Egypt investments to $25 bin

In an exclusive interview with Al Arabiya Business on Sunday, Alabbar, the UAE's largest real estate developer, stated, "Regardless of global economic conditions, Egypt inevitably bears the cost, and this is not of its own making."

Discussing Emaar's latest ventures, he highlighted the real estate development company's partnership with Egypt's Midar Investment and Urban Development on a 500-acre project in New Cairo's Fifth Settlement, with investments exceeding $3 billion.

Alabbar pointed out the project's strategic location and the strong potential of Emaar's collaboration with Midar, which possesses significant land assets.

He noted that this partnership marks Emaar's first venture with Midar and aligns with the company's strategy to expand large-scale developments, potentially reaching 2,000 acres.

For his part, Ayman El-Koussy, Managing Director of Midar, stated in a Bloomberg Asharq interview on Saturday that construction on 250 acres—half of the company's 500-acre joint venture with Emaar—is expected to be completed within three years. El-Koussy noted that during this phase, the companies will develop more than 2,900 residential units, including villas and apartments ranging from 200 to 600 square metres, a sports club, and a school.

In his interview with Al Arabiya Business, Alabbar emphasized the need to expand Egypt's hotel infrastructure, citing the country's rich history and vast coastlines as key tourism assets.

He stressed that Egypt must more than double its hotel capacity to harness its tourism potential fully.

Furthermore, he pointed out that Egypt's hospitality sector surpasses the real estate market and stressed the need to boost annual tourist arrivals from 15 million to a target of 70 million.