Al Qudra and Sorouh to expand global portfolios - Emirates24|7

Al Qudra and Sorouh to expand global portfolios

Both firms aim to increase market share in stable economies. (SALEM KHAMIS)


Two key players in Abu Dhabi's real estate sector have promised new multi-billion dirham local projects and more investment abroad to expand their international portfolios.

Al Qudra and Sorouh have their eyes on markets in the Middle East for their immediate plans of growing their international portfolios, which will then be followed by entering other regions in the world.

According to the two companies, their overseas plans are aimed at diversifying the realty business and increasing market shares in stable economies.

Paul Gebara, Al Qudra's Marketing Director, said that after the firm's entry into Algeria, Yemen and Belarus, the company was looking at other international markets to expand its global portfolio.

"We are looking for other important opportunities abroad, for example in Egypt and Syria. We are planning to enter these markets with new projects," Gebara said and added that Al Qudra will go where the opportunities are. Refusing to reveal the total value of overseas investments, he said final details will be revealed later.

Speaking about new local ventures, he said the UAE has lots of opportunities for more projects that Al Qudra is already studying. On the first day of Cityscape, Al Qudra sold an entire 34-storey tower in their Shades project comprising five towers on Al Shams Island.

Gurjit Singh, Chief Property Development Officer at Sorouh, said his company is planning to go to international markets, especially in stable economies, in addition to a new local project under consideration.

"We are already in Egypt and Morocco with two distinctive projects. The project in Egypt is designed for the country's growing middle-class segment and the Moroccan project is a mixed-use tourism development targeting European, American and GCC tourists," Singh said. The two projects will be developed by Sorouh, which currently has $17bn (Dh62.3bn) worth of projects, excluding Abu Dhabi's Lulu Island, Egypt and Morocco.