Emaar wants to double Egypt investments to EGP 100 bn over the next five years -Alabbar

INVESTMENT WATCH- Emaar wants to double Egypt investments to EGP 100 bn over the next five years: UAE-based real estate developer Emaar is looking to double its investments in Egypt to EGP 100 bn over the next five years, Founder and Chairman Mohamed Alabbar tells Al Mal in an interview. The company, which spends an annual EGP 10 bn into new local projects, plans on investing EGP 6 bn on its six hotels in Marassi and is currently pursuing other opportunities in the North Coast further away towards Marsa Matrouh, including the EGP 2 bn Marassi Marina project. Emaar recently completed renovation work for EGP 1.5 bn on Alamein Hotel in partnership with Orascom Construction. Emaar is also in talks with the New Administrative Capital Company for Urban Development over acquiring land for a new mixed-use development. Alabbar had told Investment Minister Sahar Nasr last year that he would be pursuing large investments in the Alamein area, as well as the new capital and South Sinai.