Business | Property

Emaar eyes North Africa and Asia for expansion

Emaar Industries and Investments (EII), a member of Emaar Properties, is looking to expand its portfolio in North Africa and South Asia in building materials, engineering and healthcare.

  • By Nadia Saleem, Staff Reporter
  • Published: 00:17 April 16, 2008
  • Gulf News

Dubai: Emaar Industries and Investments (EII), a member of Emaar Properties, is looking to expand its portfolio in North Africa and South Asia in building materials, engineering and healthcare.

"We will capitalise on the impressive economic growth being registered in Egypt, several North African countries as well as India and Pakistan," said Ahmad Khayyat, chief executive of Emaar Industries and Investments.

Currently focused on the GCC countries, the company is looking to enter markets in Jordan, Qatar and Syria as well.

It reported investments of Dh350 million last year, and the group's total consolidated assets are estimated at Dh1.2 billion.

With its focus on diversification, the company intends to build a portfolio of Dh3-Dh5 billion over the next three years, Khayyat said. EII has 12 subsidiaries in its portfolio with the latest additions of Damas partnership and Mammut Building Systems, in which it has a 12 per cent stake through Zabeel investments.

With the company's investment in its subsidiary Advanced Industries Group (AIG), it has seen a 57 per cent increase in net profits since 2006, a 121 per cent increase in revenues and a 336 per cent increase in total assets.

In the coming months, the company is looking at four major opportunities in the oil, gas, building and construction sectors within the UAE, Khayyat told Gulf News.

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