Emaar “is open to new opportunities” in Saudi Arabia such as its Neom planned city and the development of luxury resorts on the kingdom’s Red Sea coast, according to Emaar chairman Mohamed Alabbar.
In an interview with Arab News, Alabbar said that “we [Emaar] have the competencies in developing and delivering mega-projects, as we have proved in the UAE, Saudi Arabia, Egypt, Jordan, Morocco, India and Pakistan.”
During the interview, Alabbar said that Saudi Arabia has a number of “inherent strengths” that put it in a leadership position in the region, including a large domestic market, a young population and an “ambitious” private sector.
“The kingdom is a torch-bearer for our region to be seen as a positive force and a global citizen of the 21st century,” he said.
Alabbar also said he believes it is important for the Middle East continue develop its own, home-grown, e-commerce companies, which he said would ultimately benefit the region’s consumers.
“There aren’t many players today in the region and we should not leave the door open for multinationals to come and build monopolies,” he said.
“We need big local players to keep prices under control for the benefit of our customers, rather than have a multinational player dictate and set price.
“That is why Noon, the innovative platform led by Saudi Arabia’s Public Investment Fund and supported by the region’s leading investors and retailers, is relevant to our region, and to our people,” he added.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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