10 billion dollar investment from Emaar next year - CNN Economics

Mohammed Alabar, founder of Emirati real estate group Emaar Properties, said in an interview with "CNN Business" that Emaar Group's investments in all its business areas will total $10 billion next year.

Alabar said at the opening of The Address hotel in the resort town of Marsa Alam on Egypt's northern coast, "In my opinion, the group's investment next year will be at least 10 billion dollars in all its business areas."

He added that the group's total investments in the Egyptian market since its launch amounted to about $10 billion, and "our work in Egypt continues," according to him.

He also pointed out that investment in the Egyptian real estate sector requires 2 to 3 years for realization, pointing out that the global and Egyptian economies are in a critical phase now, but "the government is working to find appropriate solutions for this phase."

Alabar said: "We need to keep working, but our situation is worse now than it was four years ago," adding that business and investment activities go through periods of "summer and winter."

He believes that the flourishing Egyptian tourism sector in terms of utilization and hotel room rates is having a positive impact on the group's hotel revenues.

He also announced that his group has opened its ninth hotel on the north coast with an investment of about 200 million dollars, and "the north coast is now a hot spot in the Arab region."

During the current month, Emaar Properties announced a 15 percent increase in net profit in the first half of this year to around Dh4.9 billion, compared to Dh4.3 billion in the first half of 2022.

He also noted that having this gathering for the second time in the Arab region is a message that the United Arab Emirates "cares about climate principles."

He said: "We, as major companies operating in the UAE and Egypt, are obliged to participate in the common areas because it is in the national interest of the economy, so we accept our responsibility."