Emaar, the Emirati real estate developer, is currently discussing with the Egyptian government regarding the potential acquisition of high-rise towers in New Alamein along the North Coast. The Chairman of Emaar, Mohamed Alabbar, mentioned that the specific towers of interest were not disclosed. However, there were unconfirmed reports in September suggesting that Alabbar’s real estate investment firm, Eagle Hills, was considering taking over the state-owned developer City Edge, which is involved in various residential and commercial tower projects in the city.
Alabbar expressed his commitment to Egypt, stating that Emaar will remain invested in the country despite the challenging times it may be facing. He also mentioned that Emaar Misr has no plans to delist any of its shares from the EGX (Egyptian Exchange) and intends to make further investments in Egypt.
In a separate development, Red Sea Global, a multi-project developer owned by the Saudi Public Investment Fund, sees Egypt as an important market and one of its key markets outside of Saudi Arabia. The CEO of Red Sea Global, John Pagano, highlighted the company’s rebranding from Red Sea Development and its focus on expanding internationally, including Europe, to leverage experiences and opportunities in new markets.
