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Wed 26 Oct 2016 10:42 AM

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Under-25s only need apply: Alabbar's plans for company of millennials

Emaar chairman to launch a string of major digital and e-commerce launches in the UAE, backed by $1 billion raised from investors

Under-25s only need apply: Alabbar's plans for company of millennials

Dubai businesssman Mohammed Alabbar will launch a company for millennials only, as he tries to capture the next wave of new ideas and innovations.

Alabbar, chairman of Dubai's largest listed property developer Emaar Properties, has been moving into new areas of business, in particular technology.

Earlier this summer, Alabbar hinted at plans to create the Alibaba of the Middle East. Sources close to the billionaire said the acquisition of Aramex was part of a plan to spearhead what will be a string of major digital and e-commerce launches in the UAE, backed by $1 billion raised from investors.

Earlier this week, he confirmed plans to launch an app to compete with WhatsApp, which could come under the umbrella of the new company he plans to launch for millennials only.

“In my own company, we are establishing a new company now to be manned by 25 boys and girls. One rule: below 25 [years of age],” said Alabbar, speaking at the Dubai International Project Management Forum.

“If you are not below 25, 'excuse me, you don't know what's happening to the world. You can't think like that'. I have four kids and they are my advisers, but they're all above 25,” he added.

During Ramadan this year, Alabbar gave a lecture on “Digitisation: Where Do We Stand” as part of a series of lectures that were hosted by the majlis of HH Sheikh Mohamed Bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.

In front of a packed audience, Alabbar said that by the end of 2016, the UAE will have seen the launch of an e-commerce company, a social media service, a modern online banking system and an online logistics company.

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