Emirati businessman Mohammed Alabbar, founder of Emaar Properties
Emirati businessman Mohamed Alabbar, founder of “Emaar Properties” and the e-commerce platform “Noon”, confirmed that “Emaar Properties” has huge projects in the Arab Republic of Egypt, and is characterized by a good reputation in terms of implementation, design and maintenance.
Al-Abbar also stressed that the current time is the best for investment in Egypt, explaining that the current economic conditions will pass and we must plan for after the end of these conditions, especially since Egypt has enormous investment potential and opportunities, in addition to the facilities provided by the government to encourage investment in Egypt.
Historic performance for Emaar Properties
In a related context, businessman Mohammed Alabbar said that “Emaar Properties” succeeded during the first half of this year in recording revenues of 12.3 billion dirhams, with net profits growing by 15 percent to 4.9 billion dirhams, compared to the same period last year, thanks to The strong growth of the UAE economy, the strong growth of the real estate and tourism sector, in addition to retail sales and the increase in demand for real estate projects in Dubai, which highlights the company’s operational excellence and strong cash flow, and indicates strong future results.
Alabbar expected that “Emaar Properties” will continue to achieve good growth in its financial results during the coming quarters, indicating that the company’s previous and current sales will have a positive impact on the profit and loss account, and therefore we expect the continuation of the pace of growth, stressing the company’s commitment to continuity in the course of its business at the desired level. And providing the best service to customers, while maintaining the delivery of all projects under implementation on time, according to the official UAE news agency, WAM.
He explained that the company’s investors will submit a proposal to the company’s board of directors to discuss increasing shareholder dividends for the year 2023, adding: “We are grateful to our shareholders for the continuous support and we seek to submit a proposal to the board of directors to increase dividends in the current year compared to last year 2022, in a clear indication of our commitment to shareholder rights.” and provide value to them.
On the company’s future plans, Alabbar said that the board of directors of “Emaar Properties” is setting long-term expansion plans that reach between 15 to 20 years, to include new projects to be launched, countries targeted for expansion, and expected future risks as well as investment in human resources, with the aim of avoiding Any future challenges that may occur.
He added that Emaar Properties has plans for further expansion in Dubai, as the company is looking at new locations, noting that the company intends to deliver about 45 new towers comprising 15,000 apartments during the current year 2023.
And on the latest developments in the “Dubai Creek” tower, the founder of “Emaar Properties” said that the tower is currently in the stage of redesign by an international company after it was selected in a competition that included several international companies, and we seek during the next 7 to 8 months to develop a new idea about The project, and we hope to start construction within a year from now.
He added that the Board of Directors is currently studying opportunities and foreign expansions after the success achieved over the past 28 years, pointing out that the UAE is the most important market for the company in addition to our presence in Egypt, India and Turkey as well as some small projects in countries such as Jordan, Lebanon, Morocco and Pakistan.
He explained that “Emaar International” recorded real estate sales worth 1.2 billion dirhams and revenues of about 1.3 billion dirhams during the first half of this year, driven by its operations in Egypt and India, especially with the high level of sales and deliveries after the end of the repercussions of the “Covid-19” pandemic.
Regarding “Emaar Hospitality” plans for expansion and growth, Alabbar said that the company opens between 3 to 4 hotels annually after a careful study of the target countries and locations as well as the expected returns from these hotels, indicating that the company already has a strong hotel portfolio in the UAE and many other countries. It is expected that Emaar Hospitality will continue to achieve good growth in light of the planned expansion.
He expressed his optimism about the prospects for the real estate market in the UAE during the coming period, adding: “The real estate market in the UAE will witness further growth and is still promising.”
No plans to offer Noon shares at this time
Regarding the “Noon” e-commerce platform, Al-Abbar said that the board of directors and shareholders of “Noon” do not currently have a plan to offer shares and list them in the financial markets, indicating that the board of directors will seriously consider the listing process in the future, especially since the Arab region is in need of an e-commerce company. Listed on the stock market.
He stated that “Noon” since its establishment in December 2017 in the UAE and Saudi Arabia, and in February 2019 in Egypt, has rapidly developed into a leading destination for e-shopping at the regional level, through local internal technologies and competencies, which have contributed to the development of the commercial market business, executive operations, logistics services and portals. electronic payment.
He explained that the “Noon” platform succeeded over the course of 6 years in achieving strong results, whether in terms of growth or in the fields in which it operates, as it launched about a year ago the “Noon” fast e-commerce service “Noon Minutes” and the food delivery service “Noon Food”, and the two services achieved It has a strong spread in the Emirate of Dubai, in addition to beginning to spread strongly in the Emirate of Abu Dhabi, Sharjah and the Kingdom of Saudi Arabia.
Alabbar said that “Noon” is currently focusing on growth and expansion in its main markets in the UAE, Saudi Arabia and Egypt, especially in light of strong competition, adding: “We have plans and targets to enter other markets in the future, but at the present time we need to focus on our main markets for a year to acquire the largest share in these markets.
He added that “Noon” is always looking at opportunities to acquire companies in the Arab region that are compatible with the nature of its business, pointing out that the company is looking to enter the field of travel to complete the path of growth and expansion.
He expected the e-commerce sector in the Arab region to achieve more growth in the coming years, especially since it is still in its infancy compared to other markets, as the sector in our Arab region accounts for only about 5 percent of the total regular trade, while this percentage reaches 25 percent in China and 20 percent in the USA.
Mohamed Alabbar, who is also Chairman of the Board of Directors of Americana Restaurants, said that the listing on the stock market in Abu Dhabi and Saudi Arabia was a milestone in the company’s history after its success in achieving significant growth to become the number one company in the Middle East, North Africa and Kazakhstan. The company will open between 250 and 260 new restaurants by the end of this year, focusing on growth opportunities across its main markets, especially in the UAE and Saudi Arabia, while the company continues to work on improving its operations in Egypt and enhancing cost efficiencies.
He explained that “Americana” is in a strong position to help it achieve good growth from a financial point of view, while continuing to expand the scope of its new brands and its commitment to developing its digital capabilities and improving external revenue channels, noting that the company maintained a solid balance sheet and a strong financial position during the first half of this year. This helps them achieve their targets for future growth and capital expenditures.
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2023-08-30 14:55:30
