Published On: August 30, 2023Categories: Business, Real Estate2.5 min read490 wordsViews: 63

Following a competition that saw participation from several renowned international companies, the tower is now undergoing redesign, Emaar’s Mohamed Alabbar said

In an update about the Dubai Creek Tower project, Emaar Properties’ founder Mohamed Alabbar has revealed that the tower is “currently in the process of being redesigned,” according to a statement by Emirates News Agency (WAM).

Following a competition that saw participation from several renowned international companies, the tower is now undergoing redesign.

Over the course of the next 7 to 8 months, Emaar Properties, in collaboration with the selected international firm, aims to cultivate a fresh concept for this project.

“We hope to start construction within a year from now,” WAM said, citing Alabbar.

Alabbar, who is the founder of Emaar Properties and the e-commerce platform Noon, also appreciated the UAE for its developed competitive economy and stable investment environment. He attributed this to the forward-thinking vision of the country’s leadership.

“The wise leadership in the country has placed a top priority on the continuous improvement of the business environment, in a way that aims to attract investors of all sizes and activities,” Alabbar said, adding that this approach has resulted in robust growth for companies like Emaar Properties and Noon.

Dubai’s Emaar to deliver 45 towers in 2023, says Alabbar

Emaar Properties, one of the UAE’s leading real estate developers, “intends to deliver 45 towers including 15,000 apartments in 2023,” Alabbar said.

Alabbar expressed optimism about the company’s future growth, citing its strong financial performance in the first half of the year, with revenues reaching AED12.3 billion and net profits growing by 15 percent to AED4.9 billion.

Alabbar also revealed plans for long-term expansion, saying the Board of Directors of Emaar Properties is setting long-term expansion plans that extend between 15 to 20 years, including new projects scheduled to be launched.

Regarding Noon, Alabbar spoke of its rapid development since its introduction in 2017.

The e-commerce platform has become a regional leader in online shopping, offering services like Noon Minutes and Noon Food.

Noon is focusing on growth and expansion in the UAE, Saudi Arabia, and Egypt, with potential plans to enter other markets. Alabbar also mentioned Noon’s interest in the travel sector as part of its growth strategy.

“Noon is focused on growth and expansion in the UAE, Saudi Arabia and Egypt, and we are seriously considering offering and listing in the future,” Alabbar added.

In addition to his roles at Emaar Properties and Noon, Alabbar serves as the Chairman of the Board of Directors of Americana Restaurants.

He spoke of Americana’s listing on stock markets in Abu Dhabi and Saudi Arabia as a milestone and projected the opening of 250 to 260 new restaurants by the end of the year.

Alabbar expressed optimism about the UAE’s economic prospects, citing the country’s positive growth rates and solid economic performance, which have surpassed international estimates, “thanks to the wise policies of the wise leadership,” WAM said.

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