Emaar aims to increase volume of its business in Egypt to 30%

CAIRO – 28 March 2021: UAE-Emaar Properties plans to increase the volume of its business in the Egyptian market by 30 percent, according to Emirati businessman Mohamed Al-Abbar, founder of Emaar.

Al-Abbar added in statements to Bloomberg Al-Sharq, that the Egyptian market represents about 15 percent of the group’s total business, explaining that Egypt was one of the best markets in the region during the past year despite the pandemic.

According to Al-Abbar, the contractual sales of Emaar in the Egyptian market recorded about LE 18 billion during 2020, in its various projects.

He expected that Emaar Misr for Development will maintain the level of sales achieved in 2020 by the end of this year, in light of the growing demand again after the pandemic.

Al-Abbar revealed that Emaar Misr maintains a cash liquidity of more than LE 10 billion, and will not change its investment policy by entering into risky areas.

He emphasized that the company's investments in the Egyptian market are limited to real estate activities only, and the company is constantly seeking new investment opportunities in Egypt.

The Emirati Emaar Company said, earlier, that its real estate sales in 2020 recorded about $ 3 billion, 58percent of which were in the UAE, worth $ 1.7 billion.

The cumulative total sales of projects in progress reached about $ 10 billion, of which $ 6.7 billion was in the UAE.

The company generated $ 5.3 billion in revenue in 2020, while its net profit was $ 713 million.

By the end of December 2020, the number of projects that were handed over at Emaar Properties reached more than 47,000 housing units in Dubai, and the company is currently developing 26,000 units in the UAE and 12,000 other units in the international markets.