Mohamed Alabbar has never been one to stand still and in just one week in July he proved this point once again. Emaar Malls appointed a new, digitally focussed CEO; Emaar Properties said it will sell hotels, clinics and schools as it looks to raise $1.4 billion in funds through the sale of non-core assets; Emaar Hospitality announced the reopening of the historic Al Alamein Hotel in Egypt after an $84m major facelift to make it among the finest resorts along the Mediterranean.
And as if that weren’t enough, Emaar said it will develop the Middle East’s largest Chinatown within the retail district of Dubai Creek Harbour, its six-square kilometre mega-development.
The company also announced that it will open three dedicated pavilions in China - Beijing, Shanghai and Guangzhou, all cities served by direct daily flights to Dubai on Emirates airline.
In a further China-related announcement, Emaar said it will expand its premium luxury hotel and serviced residences brand, Address Hotels + Resorts, to China with discussions ongoing to develop and operate Address branded hotels in key cities in the country.
And last but not least, Alabbar’s $1bn e-commerce site Noon is expanding into Asia, setting up two offices in China as it looks to broaden its offerings in the Middle East by including Chinese brands to its portfolio of products.
In this edition of Inside AB, Bernd Debusmann and Jeremy Lawrence look at the significance of these announcements as Mohamed Alabbar looks to expand his business empire.
(Source: Arabianbusiness.com YouTube channel)