Emaar founder Mohamed Alabbar is holding several high-level meetings in Madagascar, fuelling speculation of a mega-deal to be announced.
Alabbar arrived on the island at the weekend as is expected to stay until Tuesday. It is understood he has met with business and political leaders, with a potential “major investment” on the cards, which could be worth well over $1 billion.
It is not clear if any deal will be through Emaar, or his privately owned developer Eagle Hills.
The country is the world’s fifth-largest island, with a population of over 30 million. According to the World Bank, economic growth is forecast at 4.5 per cent in 2024, up from 3.8 per cent in 2023, driven by agriculture, mining, manufacturing and telecommunications.
However, tourism is likely to offer the biggest opportunity for investors, with arrivals between January and July 2024 already at 88 per cent of 2019 levels. The country has set a goal of attracting over 500,000 tourists annually.
Alabbar has been highly active in foreign investments over the past two years, mostly through Eagle Hills. The Abu Dhabi-based developer has announced major projects in Albania, Latvia and Croatia. In July, Alabbar inked a $3 billion deal to develop Indonesia’s tourism destinations.
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