Tue, 16 Feb 2021 - 11:07 GMT
Real estate in Egypt - File Photo
CAIRO – 16 February 2021: The UAE Aldar Properties Company sees great opportunities in the real estate market in Egypt, and intends to enter it during 2021, according to CEO of the company Talal Al-Dhiyebi.
Al-Dhiyebi explained in a a TV interview that the company was seeking to enter the Egyptian market in 2020, but the coronavirus pandemic hindered this matter, and plans to enter it were postponed until this year.
He noted that his company will pump about 2 billion dirhamsduring 2021 to carry out new acquisitions and expansions.
CEO of Aldar noted that the company sees opportunities in the local market in the various fields in which it operates.
He emphasized that the company's financial capacity is good and its liquidity is sufficient to implement the planned projects during the current year.
Al-Dhiyebi pointed out that if the company needs more liquidity, it can resort to borrowing, noting that the proportion of its debt is around 8 billion dirhams.
Regarding the company's sales, he said that it exceeded 1 billion dirhams from the sales of the Nawaya project, bringing the company's total sales in 2020 to 3.6 billion dirhams.
Al-Dhiyebi noted that the real estate market in Abu Dhabi is witnessing a greater balance between supply and demand, pointing out that the largest real estate sector affected, the hotel sector, which is the least sector in the Aldar company, expecting a greater time to recover compared to other real estate sectors.
Aldar, which is based in Abu Dhabi, UAE, operates within the Real Estate sector focusing on diversified real estate activities.