The Egyptian real estate firm Amer Group is setting up a company in the UAE as part of plans to expand its footprint in the Middle East and the North Africa region.
Porto International Group Investment will be set up in the Jebel Ali free zone, the Cairo-based compnay said in a statement to the Egyptian stock exchange yesterday.
It did not provide details about the projects and investments the firm will pursue in the UAE.
Amer Group could not be reached for comment.
Amer Group is also expanding its reach with projects in Jordan, Porto Dead Sea and in Morocco, Porto Agadir.
The firm’s first quarter net profit jumped 362 per cent to 12.48 million Egyptian pounds (Dh5.83m) from 2.7m pounds in the year-earlier period.
Amer Group’s net profit last year soared 670 per cent to 246.5m pounds from 32m pounds a year earlier.
Revenue of all five lines of business grew in double digits.
There was also a financial turnaround in its hotels and restaurants business, the company added.
The firm’s five lines are malls, hotels, restaurants, retail and real estate.
dalsaadi@thenational.ae
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Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
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Safety 'top priority' for rival hyperloop company
The chief operating officer of Hyperloop Transportation Technologies, Andres de Leon, said his company's hyperloop technology is “ready” and safe.
He said the company prioritised safety throughout its development and, last year, Munich Re, one of the world's largest reinsurance companies, announced it was ready to insure their technology.
“Our levitation, propulsion, and vacuum technology have all been developed [...] over several decades and have been deployed and tested at full scale,” he said in a statement to The National.
“Only once the system has been certified and approved will it move people,” he said.
HyperloopTT has begun designing and engineering processes for its Abu Dhabi projects and hopes to break ground soon.
With no delivery date yet announced, Mr de Leon said timelines had to be considered carefully, as government approval, permits, and regulations could create necessary delays.
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Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.