Founder and Chairperson of Emaar Properties Emirati billionaire Mohamed Alabbar said that the Egyptian economy is strong and that the housing, tourism, and retail sectors are growing.
Alabbar told Daily News Egypt that he has a positive outlook for the real estate sector in Egypt in general, yet at the same time, there are some variables which must be taken into account such as high land prices and price hikes of construction materials.
Commenting on negotiations with the Administrative Capital for Urban Development Company, Alabbar said, “we have a continuous and amicable relationship with the Administrative Capital Company, and God willing, we will work together. I expect to reach an agreement.”
Furthermore, the company did not specify the size of land in the New Administrative Capital, noting, “all opportunities are available and are being studied simultaneously, because Egypt is a promising country to invest in,” he explained.
Alabbar revealed that Emaar Misr has developed 6m sqm in Egypt driven by legitimate demand growth in the country.
Emaar Properties aims to expand its investments in the Egyptian market and is currently studying all investment opportunities available in various parts of the country, including Cairo, Alexandria, Ain Sokhna, New El Alamein, and the New Administrative Capital, Alabbar pointed out.
He added that all cities have an investment feasibility, and priorities are determined through the company’s vision and distinguish land plots on offer.
Emaar is working on developing low-income housing, which is projected to be accomplished through Misr El Kheir Foundation because it targets assisting underprivileged segments of the population, Alabbar elaborated.
“We’re targeting to sell 10,000 residential units in Egypt and developing 10,000 units annually. Moreover, we’re increasing our corporate social responsibility activities in Egypt. I demand that all Egyptians donate only EGP 10 to charity associations,” he said.
Emaar Misr and Misr El Kheir Foundation signed on Thursday a cooperation protocol to launch the first phase of the ‘Boyout El Kheir (Homes of Generosity) project to improve the living conditions of thousands of eligible poor families in the villages and governorates of Egypt.
The cooperation is under the supervision of the Ministry of Solidarity and the first phase includes developing 1,000 units and providing 500 projects for low-income families.
The first phase includes the governorates of Beheira, Aswan, and Matrouh and the project will be completed before the end of this year.
The project is a simple response to the needs of Egyptian people. Emaar will not only build homes for the rich, but for every unit sold by Emaar, one unit will be given to underprivileged families in return, developed over three years, according to Alabbar.
“Our success in Egypt is based on the confidence of the Egyptian community in our projects and it is our duty and our social responsibility to participate in the development of such projects. Furthermore, we are delighted to cooperate with Misr El Kheir Foundation, the leading development institution in Egypt,” concluded Alabbar.