Industry: Real estate, e-commerce
Company: Emaar; Alabbar Enterprises
Designation: Chairman, founder
Mohamed Alabbar is most famous for being chairman of Dubai property developer Emaar, responsible for the Burj Khalifa and popular masterplan areas across the emirate. But keen to evolve with the world, Alabbar is an increasingly important player in the region’s e-commerce market.
Last year, his private entity Alabbar Enterprises bought a 4 percent stake in the world’s leading online fashion retailer, Yoox Net-a-Porter Group (YNAP). Symphony Investments, a subsidiary of Alabbar Enterprises, and YNAP then signed an agreement to create what they intend to be the undisputed leader for online luxury retail in the Middle East.
Meanwhile, Alabbar is preparing to launch his mega e-commerce platform Noon.com, a $1bn venture that is 50 percent funded by Saudi Arabia’s Public Investment Fund. Last year, he led two investor groups that took a 16.45 percent stake in regional logistics leader Aramex, which is expected to be a crucial link in his e-commerce plans.