The new Creek Tower being redesigned by Emaar is “unlikely” to be the tallest structure in Dubai, according to the company’s founder Mohamed Alabbar.
“A lot of work is still going on the redesign, I’m not sure it will be the tallest tower in Dubai. We have to always look at our bottom line and deliver value to our customers and our shareholders,” Alabbar said.
The original cable tied tower was designed to be 100m taller than the Burj Khalifa, and the centre piece to the Dubai Creek Harbour development. However, after foundations were laid in 2017, and following the pandemic, work was paused.
“There is not a set timescale for this, I have to be happy with the redesigns,” Alabbar told Arabian Business.
Emaar Development reports strong Q3 sales
His comments come after Emaar Development reported a surge in property sales as it sustained its momentum in property sales in Q3. The company’s property sales increased by 25 percent, reaching AED28.9 billion ($7.9 billion) in the first nine months (January to September) of 2023 compared to AED23.2 billion ($6.3 billion) for the same period in 2022.
This performance is attributed to the 20 successful launches of new projects across various master plans, creating a foundation for future revenue.
“Our numbers are healthy and from where we are sitting. It’s always a challenging market. Is there a slowdown? Maybe someone trying to sell a $100 million apartment is facing challenges but that is not a real business, that’s a crazy business. That’s not what we are doing here,” he said, adding: “Yes, there is day and night and summer and winter, that never changes. When its sunny we must make sure our organisation is getting everything in place for winter.”
In the first nine months of 2023, Emaar Development delivered more than 7,800 residential units in prime locations. Emaar has delivered more than 66,000 residential units as of September 2023, with over 27,000 residences currently under development in the UAE.
Follow us on
