Cairo – Mubasher: The investments of the UAE-based Emaar Properties in Egypt is nearing EGP 50 billion now, founder and CEO Mohamed Alabbar said.

The real estate developer seeks to double these investments to EGP 100 billion in the next five years, Almal News reported, citing Alabbar as saying.

He noted that Egypt currently comes in the third spot after the UAE and India in terms of the volume of Emaar’s portfolio, forecasting the North African nation to take over the second rank in the coming few years amid the great available investment opportunities it has.

Emaar plans to raise the number of the number of hotels at Marassi project to six, including nearly 3,000 rooms by 2021, with around EGP 6 billion in investments, he highlighted.

The CEO stressed that the Emirati property developer aims to invest in the North Coast and Marsa Matroh, where beaches are more exotic than the beaches of southern Europe.

On the other hand, he expected the company’s negotiations with the New Administrative Capital, regarding the 1,500-acre land it seeks to obtain for setting up a residential, administrative, and recreational project, to be closed in two months.

On Monday, Emaar Hospitality Group, a subsidiary of Emaar Properties, has inaugurated Al Alamein Hotel in Marassi by the Sidi Abdelrahman Bay of the Mediterranean Sea after revamping it at a combined cost of EGP 1.5 billion.

Al Abbar previously said that Emaar Misr, a subsidiary of Emaar Properties, will operate some hotels in Marassi with over EGP 8 billion in investments.