2020 CW Power 100: Emaar's Mohammed Alabbar secures six
Alabbar has managed to maintain the UAE real estate giant's steady growth over the past year
One of the most well-known faces of the UAE, Mohammed Alabbar, who owns real estate giant, Emaar Properties, comes into sixth place for the Power 100 list.
Over the past 12 months, the real estate developer continued its steady growth after recording a 1% rise in 2019 with net profits reaching $1.69bn (AED6.2bn) compared to $1.67bn (AED6.1bn) in 2018.
The developer posted property sales of $4.1bn (AED15bn) in 2019 and the positive trend in sales was a result of Emaar’s ongoing investment in customer-centric innovation across its business and continued interest from foreign investors in both residential and commercial developments.
Speaking in February 2020, Alabbar said, “optimising resources, improving efficiency, and maximising productivity” helped boost the firm’s performance.
The developer also recorded $6.7bn (AED24.6bn) revenues in 2019 and registered 8,600 off-plan property sales overall in 2019, an increase of 260% compared to 2018.
While most developers focused on deliveries and selling existing inventory in 2019, Emaar Properties continued to launch projects, with the most prominent ones being a $6.8bn (AED 25bn) project called The Valley on the Dubai-Al Ain Road and Phase 3 of Arabian Ranches.
To view the full 2020 Construction Week Power 100 ranking, then click here.