REAL ESTATE-

#1- Emaar Misr eyes New Alamein towers: Emirati real estate developer Emaar is in talks with the Egyptian government to buy high-rises along the North Coast in the New Alamein, Emaar chairman Mohamed Alabbar told Asharq Business. Alabbar didn’t disclose which towers Emaar is interested in, but an unconfirmed press report in September claimed that his Eagle Hills real estate investment firm is eyeing a takeover of state-owned developer City Edge, which has several residential and commercial tower projects in the city.

Alabbar says he’s sticking with Egypt through times good and bad: “Egypt is going through critical times, but they will end,” Alabbar told the regional news outlet. The Emaar chairman also stated that Emaar Misr is not planning to delist any of its shares from the EGX and is committed to making further investments in the country.

#2- Red Sea Global looks to Egypt as it expands outside KSA: Saudi Arabia’s global multi-project developer Red Sea Global considers Egypt “an important market” and among key markets for the company outside of Saudi, CEO John Pagano told Asharq in an interview. The company, which is wholly-owned by the Saudi Public Investment Fund, rebranded last year from Red Sea Development as it plans to “export what it does abroad…and seeks to benefit from experiences and opportunities in Europe and beyond.”

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