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Emaar may up Algeria investment to $30 bln -paper

Tue Feb 12, 2008 1:06am EST

DUBAI, Feb 12 (Reuters) - Dubai-based Emaar Properties EMAR.DU has offered to increase its investments in Algeria to $30 billion, al-Bayan reported on Tuesday, citing the minister of industry and investment promotion.

Emaar's first project, worth $5.5 billion, will start in the next few weeks, Abdelhamid Temmar said, according to al-Bayan. The newspaper did not give more details.

Emaar, the largest Arab real-estate developer by market value, said in October it had agreed to develop four residential and leisure projects around the Algerian capital, Algiers, at a cost of $20 billion. [ID:nL04357472]

A spokeswoman for Emaar could not immediately be reached for comment. (Writing by James Cordahi; Editing by Quentin Bryar)



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