Emaar Misr for Development is currently in talks with Samla and Alam AlRum for Urban Development, a subsidiary of Dallah Al Baraka Group, to explore a potential partnership for the development of a new mixed-use project.

Emaar Properties founder Mohamed Alabbar announced that the company is preparing to sign an agreement with a Saudi partner to develop a new project in Egypt within the coming weeks.

Emaar is looking forward to drawing in a portion of the massive $90 billion annual tourism spending by Gulf countries to Egypt, with a special focus on attracting Gulf tourists to the North African country.

Emaar Misr for Development (EMFD) is investing approximately $1 billion in Egypt next year.

UAE-based Emaar Properties is currently in talks with the Egyptian government to purchase towers in New Alamein City, the firm’s founder Mohamed Alabbar said.