Emaar Properties Says Sales in Egypt Hit EGP4 bln in 2013

Mr. Mohamed Alabbar, Chairman of Emaar Properties said his company succeeded to achieve EGP4 billion sales within the current year, despite the political and security turmoil which experienced by Egypt, asserting that Emaar is seeking to discover fresh investment opportunities in the Egyptian economy.

Alabbar added in a keynote speech at the Gulf-Egyptian investment formula that the Egyptian government is currently striving to support economic growth, noting that UAE is considered to be the largest investor in Egypt with 23%.

 He illustrated that Egypt was from the top countries which Emaar called to invest in, explaining that the total investments of Emaar reached EGP57 billion of its real estate projects in the country.

 He revealed that Emaar’s investments up 700% after passing 7 years in Egypt, so it ranked first in compared with the other countries. He confirmed that all the markets are suffering from bureaucracy, not only Egypt, which obligates them to be realistic in dealing with these problems and solve them, pointing out that Emaar is suffering from bureaucracy in the Egyptian market.