Emaar to increase investments in Egypt by EGP50bn over next five years
Emaar Properties (Emaar) is planning to increase its investments in Egypt through Emaar Misr from EGP50bn today up to EGP100bn over the next five years, according to Mohamed Alabbar, founder and Chairman of the company. He added that Emaar is planning to bring the number of its hotels at Marassi to six, which include a total of 3,000 rooms, by 2021 with total investments of EGP6bn, and that he is expecting the company to conclude negotiations soon to acquire 1,500 acres in the New Capital City, in which it would develop a mixed-use project.
Emaar (DU): AED5.20 as of 16 Jul. 2018, Rating: Buy, TP: AED7.00/share, MCap: USD10,145mn, EMAAR UH/EMAR.DU
Emaar Misr: EGP4.12 as of 16 Jul. 2018, Rating: Buy, TP: EGP5.60/share, MCap: USD1,046mn, EMFD EY/EMFD.CA
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