13/11/2026 02:58 AST
Emaar Properties has not slowed down on its developments despite increase in construction costs, its CEO said, adding that it is delivering ahead of time.
Mohamed Alabbar, the founder of Emaar Properties and e-commerce platform Noon.com, explained that while construction material costs increased by 5 per cent, he is helping contractors wherever necessary.
"I'm glad contractors are moving on time. In fact, we deliver ahead of time now," he said during the Bloomberg Invest Dubai event on Thursday.
The Emirati business mogul said he will tender "a big tower" until the "situation cools down." While he did not mention the tower's name, Emaar Properties earlier in the year announced it will launch a tender for the redesigned Dubai Creek Tower Project.
Because the war started around the same time the tender was meant to be issued, plans were delayed. The Emaar founder is withholding tender plans until the geopolitical situation eases, which S&P Global assumes will continue until 2027.
Emaar traffic down
Traffic in Emaar Malls, which includes the Dubai Mall and Dubai Hills Mall, was down by 10 per cent, whereas it was growing 10 per cent in the past five years. "Still, retailers are very comfortable," Alabbar said. According to Emaar's financial performance for the first nine-month period, occupancy across its shopping malls, retail and commercial leasing business stood at approximately 98 per cent as of September 30.
In his hospitality businesses, Alabbar said occupancy was down around 65 per cent, from 80 per cent earlier, which he assured was "fine."
Despite this, the developer launched 14 projects in the first nine months of 2026, reporting an 18 per cent increase in net profits and 13 per cent increase in revenues.
Voluntary cash offer
Earlier this week, Emaar Properties said it has "sufficient resources" to pay the cash consideration in full due to shareholders of its subsidiary, Emaar Development. Emaar Properties announced plans to make a voluntary cash offer to acquire up to 100 per cent of the issued and paid-up share capital of Emaar Development that it does not already own.
Last week, it voluntarily offered Dh15 per share in cash to Emaar Development shareholders, allowing it to acquire up to 100 per cent of the issued and paid-up share capital of Emaar Development that it does not already own.
Khaleej Times
Please wait...