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.
Recent results are a testament to the company’s achievements under his leadership. In February, Emaar Properties reported a net profit of AED7.216 billion ($1.965 billion) for 2018, a 30 percent increase over the previous year, prior to considering the effect of the IPO of Emaar Development and forex movement.
“Our strategy for 2018 was to launch and build premium real estate assets that gained strong investor response from regional and international markets. We also expanded our malls business to be relevant to changing customer aspirations, highlighted by the expansion of The Dubai Mall and the launch of Dubai Square,” Alabbar said of the results.Emaar also has a land bank of over 1.6 billion square feet in key markets and is the world’s largest property company outside China, with a brand value of over $2.7 billion.