Emirates companies pour cash into overseas property

BigNewsNetwork.com Friday 13th July, 2007

Even though the UAE has its own highly active real estate industry, domestic-based realtors are still pumping huge wads of capital into overseas ventures.

Regions including South Asia and North Africa are being targeted by companies such as Emaar Properties and a host of UAE-based private developers including Damac, ETA Star and Tameer.

Emaar Properties alone has launched projects worth more than $110 billion outside the UAE.

The company has just announced the multi-million dollar Cairo Gate mall project, set to be Egypt's largest mall with a gross leasable area of 250,000 square metres.

According to real estate analysts, the trend is set to continue as the UAE property market matures and buoyant emerging markets in Asia, Africa and Eastern Europe present high returns.

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