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Top 50 GCC Developers: 1-10

by CW Staff on Oct 1, 2017

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01. Mohamed Alabbar, Chairman, Emaar Properties

Few developers have captured the UAE’s attention as Emaar Properties has during the past year. The last 12 months have seen the company, led by chairman Mohamed Alabbar, reaching new heights in both the UAE’s and wider Gulf’s property markets.

This year started off with Emaar reporting $1.4bn (AED5.2bn) in net profit for 2016, 28% higher than 2015 net profits, worth $1.1bn (AED4.08bn). According to a company statement in February, the group’s backlog was valued at $11.7bn (AED42.9bn).

In the same month, Emaar launched Harbour Gate, a residential estate within the 6km2 Dubai Creek Harbour (DCH) master development. The project launch came only months after the company broke ground on the Dubai Creek Tower at DCH.

Dubai Creek Tower will be among the world’s tallest manmade structures upon its completion in 2020. At 928m, the building will be 100m taller than current record-holder, Burj Khalifa. Foundation works for the project were completed this March.

DCH is at the heart of Emaar’s long-term development plans. This August, Emaar awarded Al Naboodah Construction Group the main contract for DCH’s Creekside 18, a two-tower residential project. Later that month, sales were launched for 17 Icon Bay, a 43-storey residential tower, also in DCH.

Outside DCH, Emaar’s recent project launches include the Dubai Hills Mall, which upon completion in 2019 will offer 187,500m2 in gross leasable area; the Vida Dubai Mall, a hotel that will be linked to The Dubai Mall; and Golf Links, a community that will be developed at Emaar South, a lifestyle destination that Emaar is developing within Dubai South.

Financially too, the future looks bright for Emaar, which has revealed plans to sell 30% of its development business  unit through an initial public offering.

In H1 2017, the company recorded a year-on-year net profit hike of 15%, to $772m (AED2.8bn). Commenting at the time, Alabbar said: “At every stage of development, we place emphasis on [creating] long-term value for our stakeholders.”