Emaar founder Mohammed Alabbar has a simple message about the regional conflict: this will pass, and the region will come out stronger.
Speaking at the Rise summit in Dubai to a packed room full of audience, Alabbar said the Middle East has always lived through turbulent times. “History will tell you that the whole world lives through unstable, turbulent times,” he said. “Typically, through catastrophes, people become better. Leaders become better. Environments become better because we learn.”
He pointed to the UAE’s track record through past crises — the 2008 financial crash, September 11, and Covid-19. “That was an unbelievable performance. That’s a test of the system- how resilient it is, how it was built, how it reacts,” he said.
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This time, he said, the country’s readiness surprised everyone. “We didn’t even know anything about defense systems, but we learned and that’s just incredible,” he said. “We were shopping, going to our restaurants. People talk about the closed Hormuz Strait entrance, but we feel nothing. Business is rolling. Growth is not too bad while we go through this situation. And everyone I speak to are confident and feel safe here.
The numbers tell the story
Alabbar gave a rare look inside Emaar’s business. Normally, the developer sells around 4,000 units a month and sees about 600 cancellations. During the conflict, cancellations jumped to 1,200 units. Now they have fallen below 600.
“Don’t tell me how this happened, but what’s happening is that customers are buying the most expensive product in their lifetime,” he said. “The direction is good.”
He added that the company has about Dh170 billion now as backlog as pre-sale and that people are making their payments on time similar to 2025, despite the challenging situation.
He admitted sales volume is not as strong as before, and hospitality occupancy is around 60 to 65 per cent — strong, but below the 20 to 30 per cent growth of recent years. “We were spoiled,” he said. “But we’ve got good reserves. We can wait.”
Alabbar also rejected discounting, even as some developers cut prices by 5 to 15 per cent. “To be fair to my customer who bought an apartment in this building, I can’t give 30 per cent discount to the newcomer,” he said.
Source: Khaleej Times
