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Emaar Misr for Development (EMFD) is investing approximately $1 billion in Egypt next year, founder of the UAE-based Emaar Properties Mohamed Alabbar said in an interview with Asharq Business.
On the sidelines of the company’s celebration of the Saudi National Day at Marassi resort on the North Coast, Alabbar highlighted that Emaar Misr has already invested around $20 billion in Egypt since it began operations, averaging $1 billion annually.
The company has opened The Address Hotel on Egypt’s North Coast last summer, with an investment exceeding EGP 5 billion.
The hotel spans 86,000 square meters and features 200 hotel rooms and 169 serviced apartments.
Alabbar remains optimistic about tourism investment in Egypt, particularly in the luxury segment, which has seen strong demand from international tourists.
Emaar Misr’s flagship projects in Egypt include Marassi, which spans more than 1,500 feddans in the Sidi Abdel Rahman area on the Mediterranean coast.
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