Emaar Plans Long-Term Expansion

The plan encompasses many new projects as well as targets fresh countries and markets in the years to come

Dubai master developer Emaar has said that its board of directors is developing a long-term expansion plan which will encompass the next 15-20 years. The plan will specify new projects in the pipeline, as well as fresh countries and markets targeted for expansion.

Mohamed Alabbar, Founder of Emaar Properties and noon.com, highlighted how the UAE’s highly competitive economy and its stable and optimal investment landscape for both investors and business leaders is based on its visionary leadership directives. He emphasised that the country’s leadership has consistently prioritised enhancing the business environment to attract investors of varying scales and sectors, a strategy that has borne substantial fruit for enterprises such as Emaar Properties, noon.com and Americana.

Alabbar highlighted Emaar Properties’ positive financial performance during H1 2023, driven by the thriving national economy and the upward trajectory seen across the real estate and tourism sectors. He anticipated that Emaar Properties would continue to achieve favorable financial results in the upcoming quarters, supported by a strong sales track record, indicating sustained growth.

As a next step, the investors will submit a proposal to Emaar Properties’ Board of Directors to discuss increasing dividends for shareholders in 2023, in line with the company’s commitment to shareholder rights, he added. Regarding noon.com, there are no current plans for noon to go public or list shares on financial markets; such a step will, however, be taken into consideration in the future, especially as the Arab world is in need of a publicly listed e-commerce entity.

Mohamed Alabbar also underscored noon’s proven six-year track record, marked by growth across various sectors. He added that ‘noon Minutes’, a fast e-commerce delivery service, and ‘noon Food’, a food delivery service, have gained significant traction in Dubai, Abu Dhabi, Sharjah, and Saudi Arabia since its launch a year ago.

Also the Chairman of the Board of Directors for Americana Restaurants, Mohammed Alabbar then underscored how the company’s listing of its shares on the Abu Dhabi and Saudi Arabia stock markets signified a monumental turning point in its history. This achievement followed its significant growth, establishing the company as a premier entity across the Middle East, North Africa, and Kazakhstan.