Al-Abbar added that the Egyptian market represents about 15 percent of the group’s total business, explaining that Egypt was one of the best markets in the region during the past year despite the pandemic.
He said his company will launch more projects in the real estate sector to invest more funds in Egypt, pointing out that the company is studying more investment chances in Egypt.
At the beginning of the meeting, attended by a number of Emaar board members, Madbouli stressed that Egypt succeeded in creating an attractive climate for investment, either through introducing legislative reforms or modernizing the basic infrastructure.
On Thursday morning the stock climbed a further 1.9 percent in unusually heavy trade, helping to lift Dubai’s stock index by 0.9 percent.
Dubai’s index added 0.4 percent as blue chip Emaar properties gained 1.0 percent.
All stocks in the blue chip Emaar stable rose, with flagship Emaar Properties gaining 1.4 percent.
The main Saudi index edged up 0.2 percent in the first hour.
$1.24 billion will be reclassified from debt owed by the government to outstanding costs.
Bank of America Merrill Lynch (BAC.N) and First Abu Dhabi Bank FAB.AD are set to join Goldman Sachs (GS.N) in getting roles in the share sale of the UAE.