Dubai's Emaar Properties says to double investments in Egypt | Reuters

Dubai's Emaar Properties says to double investments in Egypt | Reuters:

Dubai-based Emaar Properties plans to double its investments in Egypt to 100 billion Egyptian pounds ($5.60 billion) over the next five years, a local newspaper quoted the group’s chairman Mohamed Alabbar on Tuesday as saying.

Speaking on the sidelines of a hotel opening at Egypt’s north coast Sidi Abdel Rahman area on Monday, Alabbar said Emaar planned to increase the number of hotels in its Marassi project to six by 2021 with a total investment of 6 billion Egyptian pounds.

Located some 125 kms (80 miles) west of Alexandria, Egypt’s second biggest city, the Marassi project was originally planned to include more than 3,000 apartments and 600 hotel rooms and suites.