Mohammed Alabbar, founder of Emaar Properties, praised the return of activity and flourishing tourism in Egypt, noting that this had a positive impact on the tourism sector’s revenues within the group. In press statements, he said: The group’s total investments in Egypt will reach about $10 billion across all its business areas next year.
Alabbar confirmed that Emaar Misr for Development, a subsidiary of the group, still has a positive outlook on tourism investment in Egypt. He pointed out that hotel occupancy rates in Egypt in the first half of 2023 are the highest in 5 years, noting that the luxury hotel category is witnessing strong demand from tourists in Egypt.
Emaar opened its ninth hotel in Egypt. Alabbar said: "We opened our ninth hotel in Egypt's North Coast area with investments of $200 million. The new hotel is located within the company's Marassi tourist resort in the Sidi Abdel Rahman area on the North Coast, spanning 86,000 square meters, with a capacity of up to 200 hotel rooms and 169 hotel apartments," according to Al Bayan newspaper.
