egyptian property receives glowing testimonial from dubai emaar
News Posted On: 15 December 2009
Today, Emaar properties testified to the growth potential of Egypt, announcing that all projects announced for the country would be going ahead as planned, despite reports to the contrary.
“Emaar Misr's projects in Egypt - Uptown Cairo, Mivida and Marassi - are progressing as planned with the first homes in Marassi and Uptown Cairo to be handed over next year.”
Free plugs' aside that is a massive testament to the investment potential of Egyptian property. Dubai World has invested heavily in SmartCity in Malta, a development which is yet to start, and now likely never will.
Of course, Dubai World is a separate entity to Emaar, but they are separate only on paper, we all know their money comes from the same bank; the bank of Dubai.
However, that bank received a 10 billion dollar cash injection from Abu Dhabi this week, which will allow it to solve or should I say "restructure" some of its debt problems, and get back on track a lot quicker. So, there may be a turnaround on the SmartCity.
It is likely that Abu Dhabi imposed conditions on the cash. One of those conditions no doubt being: stop throwing your money around willy nilly and start investing in some projects that are actually going to yield some profits.
Egypt has had nothing but positive reviews even throughout the downturn, and even the International Monetary Fund, which is known for its bearishness, is forecasting growth of 4.7% this year and 4.5% next year for the Egyptian economy.
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