Dubai, May 21 (UNI) Top UAE developer Emaar Properties plans to build low cost houses in India, Pakistan, Morocco and Egypt professedly to provide affordable housing for the region's poor at a time when exorbitant housing is driving expatriates out of the UAE.
Mohammad Al Abbar , Chairman of Emaar whose Indian joint venture with MGF, had to cancel an IPO recently because of falling markets, told Financial Times in Sharm Al Shaikh that Emaar planned to acquire a company to make the foray into low cost housing.
Emaar has so far concentrated on luxury projects and has 100 billion dollars (Dh367 billion) of projects under development. As its home market matures, the company has sought markets in West Asia, North Africa and Asia to find fresh sources of revenue.
Alabbar who headed the Economic Department of Dubai and pioneered the initial stages of searing economic growth of the emirates said the margins will be lower in the new venture but that had to be done as part of social responsibility.
Al Abbar said Emaar's Indian joint venture, Emaar MGF, would continue to expand across the subcontinent despite the IPO cancellation in February.
UNI XC ARB AS0933