Emaar chief targets 'new chapter of growth' in 2009

UPBEAT VIEW: Emaar Properties chairman Mohamed Alabbar. (Getty Images)

Emaar Properties has said it will start a new chapter of growth in 2009 by evolving strategies to face the challenges posed by the global financial crisis.

Company chairman Mohamed Alabbar said the real estate firm would be exploring new opportunities.

Alabbar said that while several challenges awaited the property sector in 2009, there were also an equal if not greater range of opportunities.

His comments came as Emaar's share price finished the year 85 percent down as Gulf real estate stocks took a battering. From a year high of more than 15 dirhams per share, Emaar ended 2008 trading at just 2.26 dirhams.

"Emaar will face these challenges with confidence and we will focus our energies to adapt to the changing circumstances," Alabbar said in comments published by news agency WAM on Thursday.

"Our strategy of business segmentation and geographic expansion has proven its effectiveness, and we will continue along this path."

In 2009, Emaar will mark a significant milestone with the opening of Burj Dubai, the world's tallest building.

The company will also add two more properties to its Emaar Hospitality Group portfolio - The Address, Dubai Marina and The Address, Dubai Mall, he added.

Print | Email | Discuss this article

| Share |

READERS' COMMENTS

Phoenix Dubai
Posted by iPaw Manghnani on Saturday 10 January 2009 at 12:27 UAE time


Dubai will rise..
Etisalat, Emaar, Nakheel, DP World, Dubai Holding, RTA are all under the umbrella of Dubai Inc. and will work together to bring Dubai back on track. Too much is at stake for the royal family. All eyes are on Dubai. Slowly but surely, they'll get there. All this while, we were sprinting and this is the time wherein Dubai Inc. catches its breath, geting ready for the run, far more experienced.

Fantasy
Posted by Rekha Malhotra, dubai, UAE on Sunday 4 January 2009 at 22:55 UAE time


Its so true what you all have shared in your comments... Skeptical who wrote "Spin City" you just hit the nail. Its true, any business or economy cannot just run by verbage and especially now when instead of spinning tales, you have to start thinking about being transparent and fair. Most of us who are foreign investors in the real estate market need to have some support or confidence to invest. I am glad that something prevailed me to jump the gun and I didnt get carried away and invest. Though I was born and brought up in this country, and I call it home, its sad that everyone has become so busy apeing the west that now we are taking the hit for it!!! People who have their plates full, can talk about all the positivity but I think its not rocket science when you look around to see that the time is up to wake up and make things right. So Mr. Abbar, though its great you like to be positive but there is a difference in being positive and being practical...and actions always speak louder than words.

not confidence-inspiring
Posted by paul, Dubai, UAE on Friday 2 January 2009 at 15:48 UAE time


A bold announcement in several paragraphs basically saying that Emaar has plans to turn their dire situation around. But no mention of what the plans are. Curious. You'd think if it was good, they'd want the markets and public to know it as soon as possible to restore confidence. Yet they are not even giving a hint or a pointer.

More curious still is why no journalists asked the rather obvious question - what are the plans?

It seems Dubai is still "spin city" (as another poster pointed out) and that well connected and powerful individuals and companies are able to make sweeping and optimistic statements to the media without being challenged on the specifics or facing any independent analysis by the publications reporting the comments. The economy will never prosper long term unless these attitudes change.

The culture of deference in this region is not really conducive to investor confidence and vague unchallenged promises that there is a plan to fix things does little when no details are given and we are simply expected to trust those in charge.

Investors need to know the plans in order to make their own judgements. Who is going to buy Emaar shares based purely on some spin that they promise to turn things around?

Nothing New
Posted by shilu, Dubai on Friday 2 January 2009 at 15:27 UAE time


This is just another feel good statement from Emaar. There is no clear and accurate statement on what Emaar is going to do in 2009.

View all comments (6) >>

Click here to post a comment

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic. Arabian Business would like to point out that only comments relevant to the story will be published. Any containing personal insults or inappropriate language will not be approved.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Enter the words above *
Please click post only once - your comment will not be published immediately.

MORE FROM ARABIANBUSINESS.COM