Mohamed Alabbar, the founder of Emaar Properties, provided an update on the Dubai Creek Tower project and disclosed that the tower is “currently in the process of being redesigned,” according to a statement by Emirates News Agency (WAM).
The tower is now undergoing redesign after a competition in which numerous well-known international companies took part.
In the coming seven to eight months, Emaar Properties hopes to develop a novel idea for this project in conjunction with the chosen multinational company.
“We hope to start construction within a year from now,” WAM said, citing Alabbar.
Alabbar, the founder of Emaar Properties and the online shopping website Noon, praised the UAE for its advanced competitive economy and secure investment climate. He ascribed this to the leadership of the nation’s forward-thinking vision.
“The wise leadership in the country has placed a top priority on the continuous improvement of the business environment, in a way that aims to attract investors of all sizes and activities,” Alabbar said, adding that this approach has resulted in robust growth for companies like Emaar Properties and Noon.
Dubai’s Emaar to deliver 45 towers in 2023, says Alabbar
Emaar Properties, one of the UAE’s leading real estate developers, “intends to deliver 45 towers including 15,000 apartments in 2023,” Alabbar said.
Alabbar was optimistic about the company’s future development and cited its outstanding financial results in the first half of the year, which included revenues of AED12.3 billion and net profits of AED4.9 billion, up 15%.
The Board of Directors of Emaar Properties is setting long-term expansion plans that span between 15 and 20 years, including new projects that are expected to be launched, according to Alabbar, who also disclosed plans for long-term expansion.
Alabbar talked about Noon’s quick advancement since its debut in 2017.
Due to its availability of services like Noon Minutes and Noon Food, the e-commerce platform has emerged as a regional leader in online retail.
With prospective intentions to expand into additional areas, Noon is concentrating on development and growth in the United Arab Emirates, Saudi Arabia, and Egypt. As part of its growth strategy, Alabbar also indicated Noon’s interest in the travel industry.
“Noon is focused on growth and expansion in the UAE, Saudi Arabia and Egypt, and we are seriously considering offering and listing in the future,” Alabbar added.
Alabbar holds leadership positions in Emaar Properties, Noon, and Americana Restaurants in addition to his responsibilities there.
He described the listing of Americana on the stock exchanges in Abu Dhabi and Saudi Arabia as a significant event and predicted that 250 to 260 new restaurants would open by the end of the year.
Alabbar was optimistic about the UAE’s economic future, praising the nation’s strong economic performance and good growth rates, which had surpassed international projections, “thanks to the wise policies of the wise leadership,” WAM said.