Middle East developers pour into Egypt

With the property market in Egypt booming, many Middle Eastern developers are turning their sights in that direction.

The expansion of Middle Eastern development companies into Egypt is nothing new. However, recent events seem to have accelerated the trend and two events in particular appear to be microcosms of that shift.

The first of these events has to do with Emaar Misr, a property developer based within the country of Egypt. Emaar Misr is a subsidiary of Emaar Properties in Dubai and represents one of the earliest expansions into the Egyptian market by a Middle Eastern company. They have done a lot to bring Middle Eastern capital and development into the Egyptian market and recently even awarded a $44 million contract to The Arab Contractors, another company based within the Middle East.

The project entails working on the natural Earth side of excavating a lagoon that will be part of Marassi, a North Coast resort that offers customers a number of different amenities over the 6.25 million square metres that it currently occupies. Much of this resort was indeed built under contract work given to Middle Eastern companies and now it appears as if The Arab Contractors will be primarily involved with the expansion of the resort facility.

While expansion continues in this area, elsewhere another property giant is considering expansion. Tamweel, a mortgage provider based in the exploding market of Dubai, has already announced plans for expansion into multiple countries, including Egypt. With more people buying property in Egypt, the presence of another source of capital will definitely be looked on kindly and Tamweel should do well with that expansion.

There is a very perceptible increase in the number of companies pouring into Egypt and setting up shop, which is a very clear indication that the Egyptian property market is expected to do well for a long time to come.

BOOKMARK THIS PAGE (What is this?)