Emaar Properties is considering new investments in Egypt, the company’s founder Mohammed Al Abbar states, Invest-Gate reports.

Al Abbar notes that the company believes in the Egyptian economy, adding that now is the ideal time to invest in the country.

He says that the company allocates over AED 1 bn in 2022 to hedge against fluctuations in the exchange rate in Egypt and Turkey.

The Emirati tycoon reveals that Emaar Properties is about to launch a new project within weeks, with a value of AED 25 bn in the Arabian Ranches area of Dubai.

In Q4 2022, Emaar’s profits drop 15% YoY to AED 1.04 bn below the expected AED 1.07 bn.

For the whole year, the company’s profits soar 80% YoY to AED 6.8 bn, while revenue grows 10% YoY to AED 132 bn.