$10 billion.. “Emaar Properties” investments in hotel sector in Egypt

The founder of the "Emaar Properties" group, Emirati businessman Mohammed Al-Abbar, praised the return of activity and the prosperity of tourism in Egypt, noting that it positively affected the revenues of the tourism sector in the group.

The Emirati businessman said in press statements that the group's total investments in Egypt will reach about $10 billion in all its business areas next year.

Tourism investment

Al-Abbar confirmed that the view of Emaar Misr Development Company, which is affiliated with the group for tourism investment, in Egypt is still positive.

 He Pointing out that hotel occupancy rates in Egypt in the first half of 2023 are the highest in 5 years, pointing out that the luxury hotel category is witnessing a large number of tourists in Egypt.

North cost 

On context level, Emaar opened its ninth hotel in Egypt, and Alabbar said that the company opened the ninth hotel in the North Coast region in Egypt, with investments amounting to $200 million.

The new hotel is located within the company's Marassi Tourist Resort in the Sidi Abdel Rahman area of the North Coast, on an area of 86,000 square meters, with a capacity of 200 hotel rooms and 169 hotel apartments.

Hotel or real estate sector in Egypt

Alabbar confirmed that Emaar Misr for Development, listed on the Egyptian Stock Exchange, is looking for new opportunities, whether in the hotel or real estate sector in Egypt. Alabbar had confirmed that Emaar Misr for Development owns a strong cash portfolio estimated at EGP 10 billion.

15 million tourists

It is noteworthy that the Minister of Tourism, Ahmed Issa, expected in July 2023 that Egypt would attract 15 million tourists this year, with a spending rate of $1,000 each, which could attract about $15 billion to countries that suffer from hard currency scarcity, indicating that if these revenues are achieved , it will be the highest ever for the Egyptian tourism sector, as the previous figure was $13 billion in 2019, and he pointed out that Egypt received 7 million tourists in the first half of this year 2023, topped by the Germans with about 10% of the total, followed by the Russians, as he expected the number of tourists to reach Tourists to Egypt next year 18 million.

In this regard, Magdy Sadeq, a member of the Chamber of Tourism, appreciated the testimony of Muhammad Al-Abbar, whose group’s activity is concentrated in the northern coast region, indicating that the opening of the new city of El Alamein and its existing festivals, the increase in the number of reservations and the great tourist boom that the city witnessed recently was an announcement to transform Egypt from seasonal tourism to tourism. throughout the year.

He stressing that the northern coast started this year with great strength and will be the global summer beach tourism destination during the coming years, therefore the city of El Alamein has contributed strongly and will contribute to the growth of the tourism sector.

Sadek continued: Egypt is witnessing a great tourist boom, and the tourism sector has witnessed a return to normal rates, and it is expected that this season will end with 13 million tourists, and it is also expected to increase during the coming periods and reach 30 million tourists by 2028.

Emaar Properties

It is worth noting that Emaar Properties is a real estate development company headquartered in the United Arab Emirates, and it is a public joint stock company listed on the Dubai Financial Market.

The company operates in many global markets and provides an integrated package of development and management services. The company operates in six sectors through 60 active companies, and has a strong presence in 36 markets in the Middle East and North Africa, Asia, Europe and North America.

Emaar Misr for Development (Emaar Misr) was established as an Egyptian joint stock company in the Arab Republic of Egypt, on March 16, 2005, and the company's shares were listed on the Egyptian Stock Exchange on March 3, 2015.