Power Hour 2022: Mohamed Alabbar, Founder of Emaar Properties, Ranks 5th
Mohamed Alabbar is a global entrepreneur with active interests in real estate, retail, hospitality, e-commerce, technology, logistics, F&B and venture capital.
Since 1997, he has been at the forefront of global real estate, leading marquee real-estate development companies such as Emaar Properties (developer of world’s tallest building) and Eagle Hills (leading emerging markets real estate developer). He has spearheaded the growth of Emaar Properties attaining unmatched track record of successfully developing iconic futuristic residential, retail, entertainment, hospitality & leisure assets transforming the lifestyles of people globally. Over the years he has developed world-class mixed used projects, including his retail businesses, across 20+ markets of Middle East, North & Sub Saharan Africa, Central & Eastern Europe and South & South East Asia and US.
Emaar Development PJSC recently announced that it achieved its highest ever property sales during the first half (January to June) of 2022 underpinned by recent successful launches creating value for the future. Property sales for H1 2022 is increased by 10% to AED 15.216 billion (US$ 4.143 billion) compared to AED 13.825 billion (US$ 3.764 billion) in H1 2021.
During first half of 2022, Emaar Development successfully launched fifteen projects in various master plans, such as Talia and Orania in The Valley, Elie Saab II and Bliss 2 in Arabian Ranches III, Rosewater, Lotus, Creek Palace, Orchid, Creek Crescent and Island Park I in Dubai Creek Harbour, St. Regis in Downtown Dubai, Address The Bay in Emaar Beachfront, Greenview 3 in Emaar South, Park Field in Dubai Hills Estate and Seagate in Rashid Yachts & Marina.
In the first six months of 2022 (January to June), Emaar Development reported EBITDA of AED 2.564 billion (US$ 698 million) an increase of 15% compared to the first six months of 2021 and revenue of AED 7.282 billion (US$ 1.983 billion).
Due to this exceptional performance, Emaar now has a robust sales backlog of AED 32.753 billion (US$ 8.917 billion), which will be recognised as future revenue for the business.