Sources Suggest Mega Project to Be Announced Soon

Mohamed Alabbar, founder of Emaar, is reportedly holding several high-level meetings in Madagascar, sparking speculation of a potential mega-deal on the horizon.

Alabbar arrived on the island over the weekend and is expected to stay until Tuesday. Sources suggest that he has met with both business and political leaders to discuss a major investment that could be worth well over $1 billion.

It remains unclear whether the deal will be executed through Emaar or Eagle Hills, Alabbar’s privately owned development company.

Madagascar’s Growing Economy

Madagascar, the world’s fifth-largest island, has a population of over 30 million. The country’s economy is forecasted to grow by 4.5 percent in 2024, up from 3.8 percent in 2023, driven by key sectors such as agriculture, mining, manufacturing, and telecommunications, according to the World Bank.

However, the biggest investment potential is likely in tourism, with arrivals between January and July 2024 reaching 88 percent of 2019 levels. Madagascar has set an ambitious goal of attracting over 500,000 tourists annually.

Alabbar’s Foreign Investments

Over the past two years, Alabbar has been highly active in international investments, primarily through Eagle Hills, the Abu Dhabi-based developer. The company has launched significant projects in Albania, Latvia, and Croatia. In July, Alabbar signed a $3 billion deal to develop tourism destinations in Indonesia.

It is anticipated that Madagascar could be the next location for Alabbar's major investment, further solidifying his presence in global markets.

Source: arabianbusiness.com