{"id":89298,"date":"2024-02-22T00:00:00","date_gmt":"2024-02-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/eagle-hills-udc-real-estate-are-investing-in-bahrain-and-egypt\/"},"modified":"2024-02-22T00:00:00","modified_gmt":"2024-02-22T00:00:00","slug":"eagle-hills-udc-real-estate-are-investing-in-bahrain-and-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/02\/22\/eagle-hills-udc-real-estate-are-investing-in-bahrain-and-egypt\/","title":{"rendered":"Eagle Hills + UDC Real Estate are investing in Bahrain and Egypt"},"content":{"rendered":"

Lots of overseas real estate investments: <\/strong>Two Emirati developers have inked agreements to invest a combined AED 14.7 bn in real estate projects in Bahrain and Egypt. <\/p>\n

#1- Eagle Hills, Bahrain set up USD 4 bn firm:<\/strong> Abu Dhabi-based developer Eagle Hills International signed an agreement with Bahrain to establish a USD 4 bn (AED 14.7 bn) real estate development company dubbed Binaa Al Bahrain, according to Bahrain News Agency<\/a>. <\/p>\n

About Binaa Al Bahrain: <\/strong>The firm was established through a commercial partnership inked with Bahrain\u2019s sovereign wealth fund Mumtalakat<\/a> \u2019s real estate arm Edamah, which will see Binaa Al Bahrain operate in Bahrain to develop a portfolio of multi-purpose projects \u201cacross strategic locations in the Kingdom,\u201d Eagle Hills Chairman Mohamed Alabbar said. <\/p>\n

The new entity comes on the heels of Eagle Hill\u2019s successful projects in Bahrain, <\/strong>such as Marassi Al Bahrain, which was launched \u201cto meet the needs of the Bahraini society and support the kingdom's national economic development efforts,\u201d Alabbar said.<\/p>\n

#2- Emirati developer secures land in Egypt\u2019s New Cairo:<\/strong> UAE-based Mohammad<\/a>Omar Bin Haider Holding Group<\/a> (MOBH) subsidiary UDC Real Estate Development has received a land plot in New Cairo\u2019s Al Andalus to build a EGP 60 bn (AED 7.13 bn) mixed-use development, according to an Egyptian cabinet statement<\/a>. The project marks MOBH\u2019s entry into the Egyptian market, with the developer hoping to launch more projects in the country in the future, CEO Mohamed Al Battarni said.<\/p>\n

Introducing The Crest: <\/strong>The project \u2014 dubbed The Crest \u2014 will span some 665k sqm and willfeature residential, administrative, entertainment, commercial, and hospitality units. UDC will work on the project in cooperation with Cairo-based property developer IL Cazar<\/a>, the statement reads, without specifying what role IL Cazar will play.<\/p>\n

UDC is paying in FX for the land<\/strong>, Al Battarni said,as Egypt continues to face a foreign currency shortage. The statement did not clarify whether the total EGP 60 bn investment would go towards acquiring the piece of land.<\/p>\n

What\u2019s next?<\/strong> UDC will prepare the project\u2019s general plan and construction schedule and present it before September. The eight-year construction period will kick off once the plan and schedule are approved. <\/p>\n","protected":false},"excerpt":{"rendered":"

The firm will build multi-purpose projects across Bahrain<\/p>\n","protected":false},"author":1,"featured_media":89299,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1565],"tags":[595,709,23,7,927,98],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-89298","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-bahrain","tag-eagle-hills","tag-egypt","tag-enterpriseam-uae","tag-mohammed-omar-bin-haider-holding-group","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"72625886-4a14-42be-91d6-609d89e6c719","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/1201.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Abu Dhabi\u2019s Eagle Hills Bahrain ink agreement for USD 4 bn real estate firm","related_issue":[89294],"teaser":"The firm will build multi-purpose projects across Bahrain","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.a56b30eb-4053-4abb-8f5f-4db29615b3a6.mp3"},"yoast_head":"\nEagle Hills + UDC Real Estate are investing in Bahrain and Egypt - 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