In the realm of real estate and innovation, few names shine as brightly as Mohamed Alabbar’s.
As the Founder and Chairman of Emaar, an integrated real estate development company, and the force behind numerous pioneering ventures, Alabbar has become a symbol of visionary leadership, innovation, and unwavering commitment to community development.
Emaar’s Journey: From Vision to Reality
Driven by an unyielding ambition to contribute to Dubai’s transformation into a modern metropolis, Mohamed Alabbar laid the foundation of Emaar on June 16, 1997. Today, Emaar stands tall as a global leader in integrated real estate development, with iconic projects that have redefined the urban landscape.
Mohamed Alabbar’s passion for real estate extends to other notable enterprises like Eagle Hills and Nshama. Nshama, founded in 2014, is dedicated to creating master-planned neighborhoods that embody technological advancement, sustainability, and vibrant community living, aligning perfectly with Dubai’s futuristic vision.
Beyond Real Estate: A Diverse Portfolio
What sets Alabbar apart is his diverse portfolio that spans retail, F&B, e-commerce, venture capital, logistics, hospitality, and technology. His innovation journey includes ventures like Noon Food, which aims to foster a sustainable ecosystem for businesses and consumers alike. Noon Food’s rapid expansion across Dubai, Sharjah, and Abu Dhabi highlights its growing success.
Alabbar’s e-commerce firm, Noon, has collaborated with government entities to create a platform that supports start-ups in Abu Dhabi and Ajman, nurturing the entrepreneurial spirit and innovation ecosystem in the UAE.
Pioneering Digitization: The Zand Initiative
At the forefront of digitization, Alabbar launched Zand, a groundbreaking digital corporate and retail bank. This visionary project promises to revolutionize the banking industry by combining technology with traditional banking services.
Global Impact: Transforming Communities
Through a series of world-class mixed-use projects, Mohamed Alabbar has enriched communities across the Middle East, the US, Central and Eastern Europe, and South and Southeast Asia. These projects not only redefine urban living but also foster economic growth and cultural exchange.
Investment in Innovation: A Stakeholder in MEVP
As a significant stakeholder in Middle East Venture Partners (MEVP), Mohamed Alabbar offers investors exposure to tech ventures in Turkey and the broader MENA region. His investments extend to the global stage with a stake in the renowned online fashion retailer, Yoox Net-a-Porter Group, through his Alabbar Enterprises.
Hospitality Excellence: Emaar Hospitality Group
Emaar Hospitality Group, a testament to Alabbar’s dedication, boasts homegrown brands that rival the finest international counterparts. With key assets like Address Hotels + Resorts, Armani Hotels and Resorts, Vida Hotels and Resorts, serviced residences, leisure clubs, restaurants, and spas, the group sets a standard of excellence in the hospitality sector.
Emaar’s Ongoing Success: ‘The Oasis by Emaar’
In June 2023, Emaar unveiled ‘The Oasis by Emaar,’ a luxury waterfront property development with a $20 billion investment. This project, with 7,000 residential units, exemplifies Emaar’s commitment to enhancing natural surroundings, including lakes, water canals, parks, and luxurious amenities.
Robust Performance and Sustainable Growth
Emaar Properties’ impressive performance in 2023, with revenues of $3.3 billion and group property sales of $5.5 billion, showcases its resilience and continued growth. The company’s net profit increased by 15%, reaching $1.3 billion, while its revenue backlog stood at $17.1 billion, emphasizing Emaar’s commitment to sustainable growth and financial strength.
A Culture of Corporate Social Responsibility
Emaar Properties, under Mohamed Alabbar’s leadership, has cultivated a culture of corporate social responsibility (CSR). Initiatives like Sandooq Al Watan and Beyout Al Kheir reflect Emaar’s commitment to fostering sustainable development, social justice, and community empowerment, both locally and internationally.
Environmental and Social Responsibility
In 2020, Emaar committed to embedding ESG principles into its operations and investment strategies, focusing on decarbonization, resilience to climate hazards, and supporting employees and communities. Initiatives like introducing electric bikes for noon Food’s delivery fleet demonstrate Emaar’s commitment to sustainability and the UAE’s goal of achieving zero emissions by 2050.
Mohamed Alabbar’s journey is one of relentless innovation, visionary leadership, and profound social responsibility. His impact extends far beyond real estate and commerce, leaving an indelible mark on communities, technology, and sustainable development. As a pioneer in his field, Alabbar continues to inspire and shape the future of industries and societies alike.