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Sat 21 Mar 2015 02:21 AM

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Top UAE tycoon says 'ready to jump' on new Egypt investments

Khalaf Ahmad Al Habtoor says company is currently conducting feasibility studies into projects in real estate, hospitality and auto sectors

Top UAE tycoon says 'ready to jump' on new Egypt investments
UAE-based businessman Khalaf Ahmad Al Habtoor.

The chairman of the UAE-based Al Habtoor Group, Khalaf Ahmad Al Habtoor, has said he is ready to "jump on" investment opportunities in Egypt.

The high-profile tycoon said his company is currently conducting feasibility studies into possible projects covering the real estate, hospitality and automobile sectors in the North African country which held a summit this week in a bid to attract billions of dollars of new foreign investment.

"We are in the process of conducting feasibility studies in the real estate, hospitality and auto sectors. If good opportunities present themselves then we will jump on them," he said.

"This will not only be a boost to the Egyptian economy, and provide jobs for many Egyptians, but it will also send out a message that Egypt is ripe for investment."

Al Habtoor recently announced that he is considering large-scale investments in Egypt, similar to the Al Habtoor City mega-development currently under construction in Dubai. He said he is also looking at potential tie-ups in the auto industry.

Al Habtoor City is a multi-use development incorporating three five star hotels (St Regis, W hotel, Westin), three high-rise luxury residential towers complete with 11 ultra-luxury penthouse apartments, multiple restaurants, bars and shops, and a specially choreographed water-themed Franco Dragone Entertainment Group theatrical production.

This week, Al Habtoor met with Tarek M El-Ghazaly, the chief representative at the National Bank of Egypt.

Earlier in the month Al Habtoor met Mahmoud Montasser, the bank's deputy chairman and El-Ghazaly in Egypt to discuss investment opportunities in the country and to look at ways the bank could participate.

El-Ghazaly told Al Habtoor that the bank is keen to help secure key investment opportunities in Egypt with an emphasis on the capital Cairo.

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