It’s been a difficult year for Emaar Properties; probably its toughest yet. Latest figures show that Emaar Properties declared a loss of AED1.77bn ($482m) during the fourth quarter of 2008. Revenue fell to AED3.50bn ($953m) from AED5.14bn ($1.4bn) in the fourth quarter of 2007. Nevertheless the developer still managed to report annual net operating profits of AED5.6bn ($1.519 bn).

But while the figures are heading south, Mohammed Alabbar’s own stock continues to steadily rise. Emaar's flagship Burj Dubai project, the world’s tallest building, is due for completion this year, while Alabbar has accepted the role of chairman of The Advisory Council, a government advisory board that is mandated to review the stability and growth of key sectors of the economy.

His advice on future strategy — particularly during the current global financial crisis — has proved crucial for the emirate. Four months ago, as the world’s media began to question the level of Dubai’s debt, it was Alabbar who took to the stage to reveal that Dubai’s sovereign debt obligations currently stood at $10bn, while the total debt obligations of state-affiliated companies was $70bn.

However, this is backed by total assets of the government and affiliate companies in Dubai valued at over AED1.3 trillion ($354bn).

“Let me state categorically the government can and will meet all its obligations going forward,” Alabbar announced — instantly steadying the markets.

As with HRH Prince Alwaleed, the financial world hangs on Alabbar’s every word — and more now than ever before.