Emaar quits Algeria as projects stall

Dubai: Dubai's Emaar Properties has closed its office in Algeria due to a lack of progress on its projects in the North African country, the company said on Saturday. "Emaar created designs for key developments in the country and the master plans were submitted to the authorities for necessary approval," Emaar said in a statement. "Due to a lack of progress which is beyond the company's control, the office set up to drive these projects forward has now been closed," the company said. In March 2008, Emaar and the Algerian government signed a protocol accord on the development of $20 billion (Dh73.4 billion) worth of projects, the biggest ever property development in the country of 33 million people. Some major North African real estate projects have been delayed or quietly abandoned as firms hit by the global downturn retreat... [read full story]                    

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