Real Estate Emaar to up investments in Egypt by another $7bn By Pramod Kumar February 17, 2025, 9:13 AM Emaar Misr A rendering of the Townsquare Boutique Offices in Cairo Gate Emaar Properties, Dubai’s largest listed developer by market capitalisation, intends to increase its investments in Egypt to $25 billion over the next three years, up from the existing $18 billion, the company’s founder Mohamed Alabbar has said. The increase reflects growing confidence in Egypt’s real estate market, Al Arabiya, an Arabic-language news channel, reported citing Alabbar. He said the company, through Emaar Misr Development, has invested more than $3 billion in a partnership with Midar, an Egyptian master developer, to build a major project, covering 500 acres, in New Cairo. Alabbar said that Cairo should aim to attract 70 million tourists annually compared to the current 15 million, given its rich history and extensive coastline, which offers tourism potential. The company already has sizeable operations in Egypt notably at the Marassi and Soul developments on the Mediterranean and at Cairo Gate outside the capital. However, Emaar said last month that it was looking to divest part or all of its Indian subsidiary. Last week Emaar said that sales from its international real estate operations surged 40 percent year on year to AED4.1 billion ($1.1 billion) in 2024. Revenue reached AED2.7 billion, primarily driven by Egypt and India. Emaar hits record sales in 2024 after launch of 62 projects In 2024 Alabbar said he was interested in any future investment opportunities that Egypt offers on its coast overlooking the Red Sea. Sales at Emaar hit an all-time high of AED70 billion last year ($19 billion), while revenues reached AED36 billion, the company has reported.
