Author : Jaidev
Emaar Properties, a leading real estate developer in the UAE, announced its intention to enter low-cost housing unit to widen its reach into affordable housing for the region's impoverished.
Mohammad Al Abbar, Emaar's chairman said: "We have been blessed but you have to do more. We might only get a three per cent margin but if we are good citizens we can't just take profit, we have to be able to stand tall in front of our children."
In the wake of this move, the Dubai-based real estate company planned to acquire a firm specialising in social housing that might launch projects in Morocco, India, Pakistan, Egypt and the Palestinian territories. The move is departure for Emaar, which has so far concentrated on high-end real estate projects. As its home market matures, the realty firm has sought markets in the Middle East, North Africa and Asia to find fresh sources of revenue.
Source : Gulf News
