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Wednesday, 23 September 2020

Emaar eyes new investments in NAC, expects market to recover within a year

INVESTMENT WATCH- Emaar still bullish on Egypt’s real estate industry, eyes new capital + Sixth of October investments: Emaar Properties could be announcing within a few months fresh investments in the new administrative capital and Sixth of October City as it maintains a positive outlook on Egypt’s real estate industry, Emaar Properties Chairman Mohammed AlAbbar tells Al Arabiya. The Emirati businessman did not give any further details on the scale or value of the planned investments. AlAbbar said earlier this week that Egypt has proven to be the company’s top-performing market during the pandemic.

Emaar Misr was the only one of Egypt’s five largest real estate developers to report profit growth in the second quarter as the economic slowdown caused by the government’s lockdown roiled the sector. Profits among the top five companies fell 31% during the period. Analysts cited by Reuters expect a rebound in the sector in the coming months, provided a second wave of the virus doesn’t result in further disruption.

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