Aldar Properties will hold off any further investments in Egypt until conditions there stabilise, a senior executive said, as the Abu Dhabi real estate developer reported a 22% jump in first quarter profit on Wednesday.
will hold off any further investments in Egypt until conditions there stabilise, a senior executive said, as the Abu Dhabi real estate developer reported a 22% jump in first quarter profit on Wednesday.
"We are taking a very cautious approach to launching projects," Faisal Falaknaz, Aldar's acting chief finance and sustainability officer, said in a media call. Companies from the Gulf have been eyeing expansion opportunities in Egypt which offers a big market for their products and services. Last April,However, persistent economic and financial pressures are leading some investors to pause their Egypt plans.
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