Emaar Misr Development, a subsidiary of Emirati billionaire Mohamed Alabbar, has acquired a 25% stake in project management and investment firm Eagle Hills Egypt, according to a company statement to the Egyptian Stock Exchange
In June, Emaar Misr approved participation in a commercial residential tourism project in the North Coast region with Eagle Hills Egypt for Project Management by purchasing shares of 25% of the company's shares at the nominal value of the share with a total amount of EGP 15,625 per share, according to Emaar's statement.Emaar, according to a statement sent to the EGX, achieved profits of EGP 3.08 billion during the period from January to the end of June, compared to EGP 1.33 billion in the comparative period of 2021, taking into account Taking into account the rights of the minority
The company's revenues increased during the six months to EGP 7.02 billion, compared to EGP 3.78 million in the comparative period of 2021
At the level of independent business, the company achieved profits of EGP 3.08 billion during the first half of this year, compared to EGP 1.33 billion in the first half of 2021
Emaar Misr plans to launch a new project with an investment of $ 3 billion, an integrated tourism residential project with 2500 residential, commercial and tourism units
Mohammed Alabbar, founder of Emaar Properties, said that the company's experience in the Marassi project in the North Coast and the confidence of customers in it, in addition to the state's plan to develop the North Coast and the high demand for it, are factors that supported the company to invest in the project
He added in statements to the newspaper that the project includes a new design with a beach of 3.5 km, and was introduced within its campus, based on the technological development in the field of construction and construction, and the company also hired engineers and experts from New Zealand and Mexico to design the project in accordance with international standards
