Emaar’s Alabbar sets sights on investment opportunities in Egypt
Mohamed Alabbar, founder and CEO of UAE-based Emaar Properties, said that he upholds a positive outlook about Egypt, noting that he is looking for investment opportunities in the New Administrative Capital and the 6th of October City as well as other areas.
Alabbar spoke to Al-Arabiya channel saying that no specific projects have been picked, as “ there’rethings that will be revealed in months to come.”
Coronavirus pandemic had a negative impact on tourism and all related sectors, he added, explaining that firms will have to resolve financial problems if they want to return to normality.
“ Egypt’s real estate sector is outperforming that of other Arab markets in the face of Coronavirus crisis.”
“Emaar’s financial position is solid and the company is doing fairly well because of the wise management.”
“ We cut expenses and expect hotels to rebound in the span of one year.”
Retail sector bore the brunt of tourism collapse in response to Coronavirus pandemic, he elaborated, expecting the sector to rally within a year.
The pandemic forced some Emaar Properties projects to shut down but “things are regenerating now.”
Emaar properties said that its net profits declined by 35% to dirham2.007bn, or USD546mln in the first half of 2020, attributing the decline to fluctuating market conditions triggered by Coronavirus-induced precautionary measures.
Emaar Properties posted Dirham3.34bn sales in the United Arab Emirates, as revenues of its under-construction projects totaling Dirham41.7bn are forthcoming in years to come.
The company’s revenue costs dipped by 10% and its stake in sister companies posted losses estimated at Dirham 286mln, logging an increase of 40% as compared to the corresponding period last year.
