Dubai-based Emaar Properties Chairman Mohamed Alabbar revealed plans to double his company’s investments in Egypt to EGP 100 bn over the next five years, local newspaper Al-Mal reports.

Speaking on the sidelines of the launch event of El-Alamein Hotel in Marassi resort on Monday, July 16, Alabbar highlighted that Emaar plans to raise the number of hotels in its Marassi project in Sidi Abdel Rahman to six hotels by 2021 with a total investment of EGP 6 bn.

Aside of investment opportunities along the North Coast, Alabbar remarked that Emaar is seeking to finalize negotiations with the firm managing Egypt’s New Administrative Capital for a project that comprises residential units, office spaces, and recreational zones which will span across an area of nearly 1,560 acres.

It is expected that such negotiations to be finalized within two months, Al-Mal quoted the chairman as saying.