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Lots of overseas real estate investments: Two Emirati developers have inked agreements to invest a combined AED 14.7 bn in real estate projects in Bahrain and Egypt.
#1- Eagle Hills, Bahrain set up USD 4 bn firm: Abu Dhabi-based developer Eagle Hills International signed an agreement with Bahrain to establish a USD 4 bn (AED 14.7 bn) real estate development company dubbed Binaa Al Bahrain, according to Bahrain News Agency.
About Binaa Al Bahrain: The firm was established through a commercial partnership inked with Bahrain’s sovereign wealth fund Mumtalakat ’s real estate arm Edamah, which will see Binaa Al Bahrain operate in Bahrain to develop a portfolio of multi-purpose projects “across strategic locations in the Kingdom,” Eagle Hills Chairman Mohamed Alabbar said.
The new entity comes on the heels of Eagle Hill’s successful projects in Bahrain, such as Marassi Al Bahrain, which was launched “to meet the needs of the Bahraini society and support the kingdom’s national economic development efforts,” Alabbar said.
#2- Emirati developer secures land in Egypt’s New Cairo: UAE-based Mohammad Omar Bin Haider Holding Group (MOBH) subsidiary UDC Real Estate Development has received a land plot in New Cairo’s Al Andalus to build a EGP 60 bn (AED 7.13 bn) mixed-use development, according to an Egyptian cabinet statement. The project marks MOBH’s entry into the Egyptian market, with the developer hoping to launch more projects in the country in the future, CEO Mohamed Al Battarni said.
Introducing The Crest: The project — dubbed The Crest — will span some 665k sqm and willfeature residential, administrative, entertainment, commercial, and hospitality units. UDC will work on the project in cooperation with Cairo-based property developer IL Cazar, the statement reads, without specifying what role IL Cazar will play.
UDC is paying in FX for the land, Al Battarni said,as Egypt continues to face a foreign currency shortage. The statement did not clarify whether the total EGP 60 bn investment would go towards acquiring the piece of land.
What’s next? UDC will prepare the project’s general plan and construction schedule and present it before September. The eight-year construction period will kick off once the plan and schedule are approved.
