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.
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