9.41 PM Friday, 22 September 2023
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 04:50 06:04 12:14 15:39 18:19 19:33
22 September 2023 $dmi_content.escapeHtml4($rs.get('weather.code.w${report.significantWeather.code}')) Max: 36 °

Emaar may up Algeria investment to $30bn

By Agencies


Dubai-based Emaar Properties has offered to increase its investments in Algeria to $30 billion, Al Bayan reported on Tuesday, citing the minister of industry and investment promotion.

Emaar's first project, worth $5.5 billion, will start in the next few weeks, Abdelhamid Temmar said, according to the Arabic daily. The newspaper did not give more details.

Emaar, the largest Arab real-estate developer by market value, said in October it had agreed to develop four residential and leisure projects around the Algerian capital, Algiers, at a cost of $20 billion.

A spokeswoman for Emaar could not immediately be reached for comment. (Reuters)