Alabbar said that the rapid rise in real estate prices in Egypt is not in anyone's interest
Emirati businessman Mohamed Alabbar, founder of Emaar Properties, said that our investment with "Medar" in our project in the New Cairo area is located on an area of 500 acres with investments exceeding $3 billion, and an advance payment was paid at the beginning of the project, and the location bodes well and a good partnership with "Medar" which has a lot of land, and this is the first cooperation between it and "Emaar", especially since we seek to expand projects with large areas of up to 2000 acres.
Alabbar added that the majority share in the project belongs to "Emaar" with the partner who owns the land, as "Emaar" contributes to increasing the profitability of the project more than others, due to the quality of the built properties and the value of the brand.
Regarding the company's investments in Egypt, Alabbar said that Emaar's investments have reached $18 billion, and within the next 3 years the value of projects will rise to $25 billion, with our optimism about the real estate sector in Egypt, adding: "No matter what economic conditions the world goes through, Egypt must pay the price and it is not Egypt's fault."
Regarding Egypt's plans to double the number of hotel rooms, Alabbar said that Egypt must more than double the number of hotel rooms, with this history and coasts in the country. He said that the hotel sector in Egypt is better than the Egyptian real estate sector, and the number of tourists in Egypt must reach 70 million tourists annually instead of about 15 million tourists currently.
Developing Downtown Cairo
While Emaar has applied to the Egyptian government to contribute to the development of downtown Cairo buildings, Mohamed Alabbar said that talks are ongoing with the government in this regard, but it has not yet received the buildings from the ministries, and after that he expects the government to offer bids to local and international real estate companies, and Emaar will be the first to apply, adding: "Because I believe in the power of cities and the power of Cairo."
He continued: "My advice to the government is to do a well-organized work on the largest scale," referring to the Solidere project in Lebanon, so that the project in Egypt will be built on an area of 40 to 50 acres, and the streets, restaurants and hotels will be arranged. If the "Downtown Dubai" project attracts 120 million visitors annually, then this project in Cairo may attract half the world's population.
Regarding the possibility of pumping investments in light of the current geopolitical circumstances, Al-Abbar said that our investments in Egypt are not affected by these circumstances, in light of the presence of Egyptian and Arab leaders who cooperate together and have the wisdom and will to deal rationally with these matters. Therefore, we have current investments in Egypt, and others to come. Regarding the new investments in Saudi Arabia, Al-Abbar said that the project is at the end of the study, and it is expected to be submitted to government agencies within 30 days.
Regarding the expectations of real estate prices in Dubai and Egypt, Mohamed Alabbar said: “I believe in rational price increases, and in the Emirates, price increases are still rational, apart from houses built on the coast, and 90% of prices have a normal increase.
He added that for Egypt, the circumstances are different, because there is a shortage of housing, and different economic conditions in terms of the increase in raw material prices and currency problems, and real estate in Egypt is still increasing, but the rapid increase is not in anyone’s interest.
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