Egypt Daily News – Emirati businessman Mohamed Al Abbar, Chairman of Emaar Properties, expressed his ambition to capture a share of the Gulf tourism spending, which reaches $90 billion annually, with a particular focus on attracting tourists from Gulf countries to Egypt.
In today’s statement, “Al Abbar” mentioned that 60% of the visitors who attended the Saudi National Day celebration in Marassi on the North Coast were visiting the Egyptian North Coast for the first time, which is a strong indicator of the promising potential to attract Gulf tourists.
In previous statements, Al-Abbar confirmed in a press interview that he does not expect a bubble in the Egyptian real estate market, pointing out the balance between supply and demand levels in the sector, as well as the absence of bank loans for buyers, which reinforces market stability.
“Al Abbar” also announced plans to invest two billion dollars in Egypt over the current and next year, noting that the company’s total investments in Egypt have exceeded 20 billion dollars since entering the Egyptian market.
He indicated his interest in investing in the Red Sea areas, affirming that his company might invest in the Ras Al-Hekma project if suitable land is available for this purpose.
Al Abbar confirmed that the company’s outlook on tourism investment in Egypt remains positive, noting that the luxury hotel segment is experiencing significant demand from tourists.
