Dubai – Mubasher: Emaar Properties is open for any investment opportunities, especially mega projects such as Neom and the Red Sea Resort, along with a range of promising projects in the UAE, Saudi Arabia, Egypt, and India, chairman Mohamed Alabbar told Arab News.
When asked about the Saudi Vision 2030, Alabbar described it a “brave plan” and a “key driver” for the kingdom’s growth.
Emaar Properties’ sales hit AED 18.03 billion ($4.91 billion) in 2017, the chairman remarked, noting that the Dubai-based company has raised over AED 4.8 billion from Emaar Development’s initial public offering (IPO).
“We are in a firm position for ambitious developments with a land bank of more than 190 million square meters, and we see such positive traction in other markets, particularly Saudi Arabia,” Arab News reported citing Alabbar as saying.
The top official has also commended the Egyptian market, adding that the government's policies and decisions have boosted the economy.
As for potential IPOs or spinoffs, he said: “Our goal has always been to have stand-alone profit centres for our businesses. We have successfully listed Emaar Malls and Emaar Development and will continue to look for new opportunities”
The top UAE businessman and entrepreneur commented on Emaar’s major deal with Aldar Properties, stating that it was a “strong testament” to the UAE’s partnership spirit.
In March, Aldar Properties and Emaar Properties unveiled an AED 30 billion ($8.1 billion) joint venture (JV) to develop master-planned destinations on national and global scales.
“The true capital of our city is not oil wealth: The future is to build a sustainable, fully diversified economy. Oil does play a part today and tomorrow, but we must use this resource to build a self-sustaining and bright future for our youth.”
Emaar Properties has posted a 5% growth in net profit in the fourth quarter of 2017, recording AED 1.36 billion versus AED 1.297 billion in the year-ago period.
