Emaar Properties, Dubai’s largest publicly listed developer by market capitalization, plans to increase its investments in Egypt to $25 billion over the next three years, up from its current commitment of $18 billion. This expansion reflects the company’s growing confidence in the Egyptian real estate market, according to Mohamed Alabbar, founder of Emaar.
The company, through its subsidiary Emaar Misr Development, has already invested more than $3 billion in a partnership with Midar, an Egyptian master developer, for a major 500-acre project in New Cairo. Alabbar also highlighted Cairo’s potential to become a major tourist destination, aiming to attract 70 million tourists annually, compared to the current 15 million, thanks to its rich history and extensive coastline.
Emaar’s significant operations in Egypt include the Marassi and Soul developments along the Mediterranean coast, as well as Cairo Gate on the outskirts of the capital. Despite this, the company announced last month that it was considering divesting part or all of its Indian subsidiary.
In a recent statement, Emaar reported a 40% year-on-year surge in sales from its international real estate operations, totaling AED4.1 billion ($1.1 billion) in 2024, with Egypt and India being major contributors.
Emaar’s record-breaking sales in 2024 reached AED70 billion ($19 billion), with revenues hitting AED36 billion. Alabbar also expressed interest in further investment opportunities in Egypt’s Red Sea region, signaling continued growth for the company in the country.
