Company: Emaar Properties
Mohamed Alabbar is, without question, one of the most well-known figures in the Middle East’s business community. As the chairman of the MENA region’s biggest developer by assets, Alabbar has played a key role in the development of the real estate sector as an economic driver. He has since demonstrated his tenacity and business acumen in steering his company to renewed heights despite the collapse in the real estate market back in 2009, when values declined by as much as 50 percent.
Best known for master-planning Dubai’s now iconic Downtown development, Emaar built its business in the 2000s on the back of Emirates Hills, The Springs and Arabian Ranches communities. Current projects include Dubai Creek Harbour, which will include a tower taller than Burj Khalifa and a mall with nearly twice the gross leasable area of The Dubai Mall.
Our intention is to do good work, and after we do that, to take care of it”
Recent results are a testament to this activity. In H1 2018, Emaar Properties’ net profit rose 18 percent to AED3.344bn, largely powered by strong growth in its development and malls businesses. Emaar’s profits were strengthened by residential property sales of AED6.229bn and it now has a total sales backlog of AED38.502bn.
“While our property business recorded positive growth with several new residential destinations launched in Dubai, our malls, hospitality, leisure and entertainment business benefited from the increase in tourist arrivals and boost in domestic spending,” Alabbar said of the results.