Dubai – Mubasher: Emaar Properties has diversified its activities because of the great investment opportunities in the Middle East (MD) while focusing on the most promising sectors.
Although the last two years were difficult for us, our businesses were operating well, Emaar Properties’ chairman Mohamed Alabbar told Bloomberg TV.
The food sector has a great potential, as it soared 28% in 2017 in the MD, but the delivery business is “another story”, the successful businessman added.
The Middle East is a populous region and a fruitful market; however, “we must be alerted at all times”, he stated.
Our real estate business should grow 20% a year, which means that it will be doubled in the coming five years, the Emirati tycoon said.
“I think the economy [in the Middle East] will shift positively, as positive changes are taking place in Saudi Arabia, the UAE, and Egypt,” Bloomberg reported, citing Alabbar as saying.
Our main focus is directed toward Saudi Arabia, the UAE, and Egypt, Emaar chairman revealed, noting that the real estate activity has been taking half of his attention and efforts.
When asked about potential initial public offerings (IPOs), Alabbar stressed that they are a great value creator and that the coming three years will see our business in India and our hospitality business “going public”.
