Business news

21 Nov 2019

Emaar Properties to go into hotel business in Belarus

MINSK, 21 November (BelTA) – Emaar Properties, one of the world’s largest real estate development companies, will run projects in the hospitality industry in Belarus. Projects in agriculture and manufacturing are also under consideration, Belarusian First Deputy Premier Aleksandr Turchin told reporters on 21 November, BelTA has learned.

Aleksandr Turchin revealed an interesting detail of the visit of the Emirati delegation to Belarus. In his words, when the Arab delegation arrived in Minsk, it was difficult to find a hotel that would accommodate the entire delegation, therefore the delegation members checked in at different hotels. “They are ready to take over some old hotel building, refurbish it, build a modern hotel there within a very short period of time. Such a project can be implemented within half a year,” Aleksandr Turchin said.

Emaar Properties executives met with Belarus President Aleksandr Lukashenko on 21 November. After the meeting Aleksandr Turchin told reporters that the parties discussed a series of potential investment projects. “These projects cover a broad range of economic sectors, including agriculture, manufacturing and real estate development. Some decisions have already been made. These projects should undergo thorough examination and a feasibility study. The president is ready to meet again to discuss these things in greater detail,” the first deputy premier said. He added that the projects are at various stages of readiness, however it is clear how and when they will be implemented.

“This company receives cooperation proposals from all over the world, but it chose our country and I believe this is mostly due to the efforts of the Belarusian president. Believe me, many countries would be happy to receive investments of this company,” Aleksandr Turchin said.

A reminder, Aleksandr Lukashenko met with Mohamed Alabbar, founder and chairman of Emaar Properties, in Minsk on 21 November. The Belarusian leader said at the meeting that Belarus is interested in implementing projects in the real economic sector. “We are ready to cooperate with the Emirates not only within the scope of business of your company, but go far beyond it to cover the manufacturing industry and agriculture. These sectors, just like construction, are of paramount importance for us. “Therefore, we can now discuss projects that are in the works. However, to be honest, I am more interested in projects in the real economic sector,” the president noted.