Mohamed Alabbar, the founder of Emaar Properties, reveals that the team is working on a fresh concept for the project
In a recent update regarding the Dubai Creek Tower endeavour, Mohamed Alabbar, the founder of Emaar Properties, has disclosed that the tower is currently undergoing a redesign phase. Following a competition that attracted involvement from various distinguished international firms, the tower is in the midst of a redesign process. Over the course of the next seven to eight months, Emaar Properties, in collaboration with the selected international firm, aims to cultivate a fresh concept for this project and hopes to start construction within a year from now.
Alabbar, who also heads the e-commerce platform Noon, expressed his gratitude towards the UAE for its well-established competitive economy and steady investment climate. He connected these favourable conditions to the visionary outlook of the nation’s leadership.
Emaar Properties, one of the UAE’s leading real estate developers, “intends to deliver 45 towers including 15,000 apartments in 2023,” Alabbar said. He expressed optimism about the company’s future growth, citing its strong financial performance in the first half of the year, with revenues reaching $3.4 billion and net profits growing by 15% to $1.3 billion.
Alabbar also revealed plans for long-term expansion, saying the Board of Directors of Emaar Properties is setting long-term expansion plans that extend between 15 to 20 years, including new projects scheduled to be launched.
Discussing Noon, Alabbar highlighted its swift progress since its inception in 2017. The online shopping platform has emerged as a key player in the region, offering notable features like Noon Minutes and Noon Food.
Noon’s primary focus lies in its expansion efforts within the UAE, Saudi Arabia, and Egypt. While there are potential plans for entry into other markets, Alabbar also mentioned Noon’s exploration of opportunities within the travel sector as part of its overall growth strategy. Alabbar emphasised, “Noon is dedicated to pursuing growth and expansion in the UAE, Saudi Arabia, and Egypt, and we are actively considering potential offerings and listings in the future.”
In addition to his roles at Emaar Properties and Noon, Alabbar also holds the position of Chairman of the Board of Directors at Americana Restaurants. He noted Americana’s significant milestone of being listed on stock markets in Abu Dhabi and Saudi Arabia. Alabbar projected the opening of 250 to 260 new restaurants by year-end, showcasing his optimism about the brand’s expansion. Alabbar’s positive outlook extends to the economic prospects of the UAE, attributing the country’s surpassing of international growth estimates to the astute policies of its leadership.
