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Emaar’s Alabbar eyes major investment in Madagascar

Locals playing boules by Lake Anosy in the centre of Antananarivo. Madagascar.Madagascar. Alamy via Reuters
Lake Anosy in the centre of Antananarivo, Madagascar. The island anticipates economic development driven by significant investment from developer Mohamed Alabbar
  • Emerging tourism destination
  • Committed to the island
  • Major economic stimulus

Emaar founder Mohamed Alabbar is planning a major investment in Madagascar, marking the island nation as his next big venture.

“Madagascar is the next new thing in my life,” Alabbar said at the Future Investment Initiative in Riyadh on Tuesday.

“It’s going to be a very big investment,” he said, but did not provide further details.

Speculation about a possible deal has been building since Alabbar shared a social media post earlier this month following his meeting with Madagascar’s President Andry Rajoelina. 

It remains unclear whether the investment will be made through Emaar, his Dubai-based real estate giant, or via Eagle Hills, his privately owned Abu Dhabi-based developer, which has been highly active in international projects.

Madagascar, the world’s fifth-largest island, is located in the Indian Ocean off the coast of southern Africa.

The country’s economy is forecast to grow by 4.5 percent in 2024, up from 3.8 percent this year, driven by agriculture, mining, manufacturing, telecommunications, and the recovery in tourism, according to the World Bank.

Despite its rich natural resources and unparalleled biodiversity, the country struggles with high poverty levels, with 81 percent of its population of 30 million living below the poverty line in 2023.

Tourism is emerging as a key sector for economic growth in Madagascar. 

The government has set a target to attract over 500,000 tourists annually. 

Arrivals between January and July 2024 have already recovered to 88 percent of pre-pandemic levels. 

Alabbar’s interest in Madagascar follows his recent international investment spree, primarily through Eagle Hills. 

Over the past two years, the Abu Dhabi-based developer has announced major projects in Iraq, Hungary, Latvia, and Croatia. 

In July, Alabbar signed a $3 billion deal to develop tourism destinations in Indonesia.