Dubai property firm Emaar to boost Egypt investments
Egypt remains ‘strategic market’ despite unrest, says chairman Mohamed Alabbar
The Dubai-based developer Emaar Properties plans to continue investing in Egypt despite turbulent political and economic conditions, according to company chairman Mohamed Ali Alabbar.
“Egypt to us is a strategic market,” Alabbar told Al Arabiya's presenter Fatima Zahra Daoui on Wednesday, as he attended the World Economic Forum (WEF) meeting in Davos, Switzerland.
“There is an upcoming expansion of our investments in Egypt,” he said.
“The value of our investments [in Egypt] is developing, despite the difficult situation. Our sales in Egypt in 2013 reached about one billion dollars, which is impressive considering the unstable conditions in the country,” he added.
Alabbar said the company maintained its confidence in the Egyptian market throughout unsettled times.
“I’m optimistic about Egypt, despite the fact that it’s gone through difficult circumstances… We’re currently very hopeful about Egypt.”
The Emaar chairman said he expects 2014 to bring more prosperity to the real estate sector globally, and in particular, the UAE.
“After the tough years... the real estate sector went through around the world and in the UAE, I think 2014 will be a good year,” Alabbar said.
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