Founder of UAE Company Emaar Properties, Mohamed Alabbar said his company plans to invest LE 900 billion in the Marassi Red project in Egypt’s Red Sea.
Alabbar confirmed on CNBC Arabia that Emaar’s investments in Egypt will reach approximately US$35 billion after signing the Marassi Red contract.
Egyptian Prime Minister Mostafa Madbouly saw the signing of an agreement at the Cabinet headquarters in the New Administrative Capital to develop 10 million square meters in the Red Sea region.
The Prime Minister said, “Today we witness a partnership with the largest Arab companies to lay the foundation stone for the giant Marassi Red Sea project, with investments of LE 900 billion.”
“The Marassi Red Sea project will contribute to creating more than 150,000 job opportunities, and that the Marassi Red Sea project will contribute to increasing the number of hotel rooms,” he explained.
As for the company’s investments in Egypt, Alabbar said in a previous interview with Al-Arabiya Business that Emaar’s investments have reached $18 billion, and that over the next three years the value of projects will rise to $25 billion.
“We are optimistic about the real estate sector in Egypt, no matter what economic conditions the world faces,” he stated.
Alabbar is one of the most prominent businessmen in the UAE and the Arab world.
He is considered to be the mastermind behind numerous urban and economic projects that have helped transform Dubai into one of the world’s leading tourist and economic destinations.
