DUBAI - UAE property giant Emaar has closed the office in Algeria of its Emaar International unit because of a lack of progress in business there, according to a statement Saturday carried by the official WAM news agency.
"Emaar created designs for key developments in the country and the master plans were submitted to the authorities for necessary approval," the statement 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."
Even so, Emaar said there are promising development opportunities in Algeria and the company is "open to investments in the country in line with its long-term strategy of developing its projects in international markets."
In March 2008, the company signed a preliminary deal to carry out three projects in Algeria that the press there said were worth a total of five billion dollars.
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