| Kippreport.com

Emaar closes Algeria office

July 4, 2009 5:18 by Dana El Baltaji

Dubai-based developer Emaar Properties has shuttered its office in Algeria citing a lack of progress on its developments in the country, a company statement announced on Saturday.

“Emaar created designs for key developments in the country and the master plans were submitted to the authorities for necessary approval,” company said. “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 signed a protocol accord with the Algerian government to build $20 billion worth of projects.

Tags: Algeria, closed, emaar, property