Mohamed Alabbar, founder of Emaar Properties, revealed a new real estate project in Egypt with Saudi businessman Abdullah Saleh Kamel will be announced in the coming weeks.
Alabbar’s statements came during his participation in the Future Investment Initiative in Riyadh. He said talks are underway with Kamel, chairman of the Dallah Albaraka Group, to finalise an agreement for a land plot in Egypt.
“All legal and technical details of the project have been completed,” Alabbar said. He added that the final agreement will be signed within a few weeks.
Emaar Properties plans Egypt project following Marassi North Coast success
The project represents a partnership between Emaar International and Dallah Albaraka Group. Alabbar said the land was selected according to standards to ensure a location and investment value.
He said the project will contribute to a shift in the real estate and tourism development sector in Egypt. Alabbar referenced the Marassi project on the North Coast, from which he learned lessons for his projects.
Alabbar said the alliance is an extension of investments led by him and his partners in Egypt, adding that the agreement will strengthen relations between Arab economies and create job opportunities as part of the expansion plan of Emaar and Dallah Albaraka groups in the region.
The announcement regarding the project’s name and the nature of the partnership will take place in the coming weeks. Representatives of the Egyptian government and investment leaders will attend.
The project aims to develop land in the market and will be supervised by Alabbar and Kamel.
