#2 Mohamed Alabbar, Chairman of Emaar Properties
2. Mohamed Alabbar, Chairmam of Emaar Properties
Emaar Properties have had an eventful 2019 as it achieved one of the highest quarterly property sales in Dubai during the first quarter (January to March) of 2019 recording an increase of 53 per cent to AED 5.979 billion (US$ 1.628 billion) compared to the Q1 2018 sales of AED 3.906 billion (US$ 1.063 billion).
The sales to international customers more than doubled in Q1 2019 to AED 2.645 billion (US$ 720 million) compared to AED 1.187 billion (US$ 323 million) in Q1 2018, highlighting the significant interest of international investors in Dubai real estate and the strength of Emaar brand.
Dubai has emerged as a global hub for all businesses including financial services, logistics, travel, hospitality and trade, and is steadily growing in other sectors such as healthcare, technology and clean energy. This growth in these businesses is nurturing a strong and diverse knowledge base and community of trained professionals. The growth in the knowledge economy and the vibrance of city are the primary drivers of the growth in sales of real estate recorded by Emaar in the first quarter of the year.
In a press statement Mohamed Alabbar, Chairman of Emaar Properties, said: “Our focus on timely project execution and cash flow generation underlines our market leadership. Emaar’s operational strategy of building premium residential assets, and expanding the malls, hospitality and entertainment operations to meet the aspirations of the new generation of customers continues to drive our growth. The surge in sale of Emaar’s real estate developments in Dubai to international investors not only highlights Dubai’s position as the region’s leading business centre and hub city, but as the one of the most dynamic and growing market economies.”