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Dubai-based real estate developer Emaar has ruled out participation in post-war reconstruction projects in Gaza. Founder and chairman Mohammed Alabbar stated that the responsibility for rebuilding lies with those responsible for the destruction. Speaking at a summit in Abu Dhabi, Alabbar emphasised his focus on generating returns for shareholders while also highlighting Emaar's ongoing and upcoming ventures in Egypt, India, and China, alongside his commentary on global housing challenges, particularly in the United States.
Dubai real estate major Emaar has not been approached for any reconstruction efforts in Gaza and would not be inclined to take part in such work, according to its founder and chairman Mohammed Alabbar. Speaking earlier this week at the Reuters NEXT Gulf Summit in Abu Dhabi, Alabbar remarked that those accountable for the devastation should also take charge of rebuilding efforts. Advertisement
He explained that it was his belief that every party should be responsible for rectifying its own actions, while stressing that his current focus remained on ensuring profitable outcomes for Emaar's shareholders.
As one of the key drivers behind Dubai's emergence as a global economic hub, Emaar has developed landmark projects, including the world's tallest building, and continues to maintain a strong international presence. Alabbar mentioned that Emaar's Marassi Red Sea tourism project in Egypt, developed in partnership with Saudi and local investors, would involve an investment of about USD 17 billion.
He further revealed that Emaar was exploring potential new projects in India and China, noting that India's economic growth trajectory was positive, whereas China continued to struggle with housing-related issues but was expected to address them in due course.
Discussing the global housing scenario, Alabbar also commented on the severe housing shortage in the United States, describing it as a "disaster". He suggested that the U.S. administration should prioritise resolving this issue and called upon both states and major corporations to collaborate on finding effective solutions. He added that discussions on advanced technologies like autonomous vehicles and data centres were important but secondary to addressing housing needs.
The developer continues to expand globally through large-scale projects in Egypt and plans to explore further opportunities in India and China. His remarks on the housing crisis in the United States also reflect his pragmatic view that governments and corporations should prioritise addressing essential human needs such as housing over futuristic technological ambitions.
Source - Reuters
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