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Challenges Many, But Opportunities Too: Emaar Chairman Alabbar
DUBAI - Emaar Properties will explore new opportunities to keep growth steady in 2009, said its Chairman Mohammed Alabbar.
Alabbar said that while several challenges await the property sector in new year, there are also an equal if not greater range of opportunities.
“Emaar will face these challenges with confidence and we will focus our energies to adapt to the changing circumstances. Our strategy of business segmentation and geographic expansion has proven its effectiveness, and we will continue along this path,” the chairman said.
Emaar’s spokesperson, speaking to Khaleej Times, said, “In 2009 the property giant has several projects in various stages of completion in 36 markets globally.
Internationally, “Emaar, The Economic City” will hand over homes in the first phase of King Abdullah Economic City in Saudi Arabia, and Emaar’s various country subsidiaries and joint ventures will undertake respective projects as per schedule.”
Fahd Al-Rasheed, CEO, Emaar Economic City - the Saudi affiliate of Dubai-based Emaar — said last week that the first quarter of 2009 would see the first deliveries of homes and the first batch of industrial plots would be handed over in February 2009 in the mammoth project on the Red Sea coast.
The EEC also expects to complete the first phase of the city’s port by the end of 2011, which will include a cargo transport terminal and another with a capacity of 1.7 million TEU.
In September 2009, Emaar will mark a significant milestone with the opening of Burj Dubai, the world’s tallest building. Burj Dubai set several global milestones in high-rise construction in 2008, an epoch-making year for the tower. On course to open in 2009, Burj Dubai has reached a record 780 metres (2,559 ft) height, and has over 160 storeys, the most number of floors in any building.
The real estate industry in the UAE suffered a set back in 2008 due to global credit crisis. The capital markets of the UAE also experienced gloomy days where Emaar Properties - listed on Dubai Financial Market - has lost around 85 per cent year-to-date in 2008 and closed at Dh2.26 following financial turmoil, which also dragged down global bourses. The Emaar share remained second among the worst performers on the DFM during this year after Tamweel.
· abdulbasit@khaleejtimes.com
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