Resilience Amidst Uncertainty: Emaar’s Mohammed Alabbar on the Region’s Future
Emaar founder Mohammed Alabbar remains steadfast in his belief that the Middle East possesses the inherent strength to weather current geopolitical tensions. Speaking at the Rise summit in Dubai, he noted that throughout history, global turbulence has often served as a catalyst for growth and evolution. Alabbar pointed to the UAE's impressive track record of navigating past challenges—ranging from the 2008 financial crisis to the global pandemic—as a testament to the nation’s robust and adaptable systems. He highlighted that despite regional concerns, business in the UAE continues to thrive, with residents feeling both safe and confident as daily life remains largely unaffected.
From a business perspective, Alabbar offered a candid glimpse into Emaar’s operations, noting that while the market experienced a brief fluctuation in cancellations, investor confidence has quickly stabilized. Although sales volumes have tempered from their record-breaking peaks and hospitality occupancy remains at a steady 60 to 65 percent, the company maintains a massive backlog of Dh170 billion. Rather than resorting to price cuts to chase volume, Alabbar emphasized a commitment to maintaining market integrity, refusing to offer deep discounts that would undervalue previous buyers' investments. For him, the current climate is simply a period for strategic patience, backed by strong reserves and a clear long-term growth trajectory.