Alabbar Reports Over 50% Drop in Real Estate Sales
Mohamed Alabbar, the founder of UAE-based Emaar Properties, stated that the real estate market is experiencing a significant decline in sales, with property unit sales dropping by more than 50%, and shopping center sales decreasing by around 15%. He clarified that the Emirati company Eagle Hills is launching a project in the Maldives with investments totaling up to $20 billion. The project involves developing an island 6 kilometers long and creating 5,000 housing units. The execution of the project is expected to take between 10 and 15 years, with financing relying on sales and self-funding, in partnership with the Maldivian government. Alabbar also emphasized that Emaar maintains strong liquidity, reducing its dependence on loans, which supports its ability to carry out projects and face economic challenges. He pointed out that the company's total investments in Syria amount to approximately $15 billion, and that the country is experiencing improved stability and is working to support its investments there.
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