Egypt Daily News – Emirati businessman Mohamed Al Abbar, founder of Emaar Properties, stated that their investment with Midar in their project in the Tagamoa area covers 500 acres, with investments exceeding 3 billion dollars, and an initial payment was made at the start of the project.
He emphasized that the location is promising and that the partnership with Madar, which owns vast land holdings, is a strong collaboration. This marks the first cooperation between Emaar and Midar, with Al Abbar aiming to expand into large-scale projects covering up to 2,000 acres.
Al Abbar added that the majority stake in the project belongs to Emaar, along with the land-owning partner. He explained that Emaar contributes more to the project’s profitability than others due to the quality of the built properties and the brand value.
Regarding the company’s investments in Egypt, Al Abbar added that the majority stake in the project belongs to Emaar, along with the land-owning partner. He explained that Emaar contributes more to the project’s profitability than others due to the quality of the built properties and the brand value.
Regarding the company’s investments in Egypt, Al Abbar stated that Emaar’s investments have reached 18 billion dollars, and within the next three years, the total value of projects will rise to 25 billion dollars. He expressed optimism about the real estate sector in Egypt, adding, “No matter what economic conditions the world goes through, Egypt has to pay the price, and it is not Egypt’s fault.”
Regarding Egypt’s plans to double the number of hotel rooms, Al Abbar stated that the country should more than double its hotel capacity, given its rich history and extensive coastlines.
He mentioned that the hospitality sector in Egypt is currently performing better than the real estate sector. He emphasized that the number of tourists visiting Egypt should reach 70 million annually instead of the current 15 million.
While Emaar has submitted a proposal to the Egyptian government to contribute to the redevelopment of downtown Cairo buildings, Al Abbar noted that discussions with the government are ongoing. However, the government has yet to take over the buildings from various ministries. Once that happens, it is expected to launch tenders for local and international real estate companies, with Emaar being among the first to apply. He added, “I strongly believe in the power of cities and the strength of Cairo.”
He continued, “My advice to the government is to plan and execute a large-scale, well-organized project,” referencing the Solidere project in Lebanon. He suggested that a similar project in Egypt should cover an area of 40 to 50 feddans, with well-planned streets, restaurants, and hotels. He pointed out that if Downtown Dubai attracts 120 million visitors annually, a comparable project in Cairo could attract half the world’s population.
Regarding the feasibility of investments amid current geopolitical conditions, Al Abbar stated that Emaar’s investments in Egypt are not affected by these circumstances. He highlighted the presence of Egyptian and Arab leadership that cooperates wisely and has the determination to handle such challenges rationally. Therefore, Emaar continues to have ongoing and upcoming investments in Egypt.
On real estate price expectations in Dubai and Egypt, Al Abbar said, “I believe in rational price increases, and in the UAE, price growth remains reasonable, except for properties built along the coastlines, where prices are naturally higher. For 90% of properties, price increases are within normal limits.”
As for Egypt, he acknowledged that the situation is different due to housing shortages, economic challenges, rising raw material costs, and currency issues. He noted that real estate prices in Egypt are still increasing, but emphasized that rapid price hikes are not beneficial for anyone.
