Dubai-based Emaar Properties, one of the Middle East’s largest real estate developers, is working on a long-term expansion plan which includes new projects and markets, the Company’s founder was quoted on Thursday as saying.

Mohammed Al-Abbar said 2023 was a good business year for Emaar, with its revenue reaching 12.3 billion UAE dirhams ($3.35 billion) and net profits rising by 15 percent to nearly AED4.9 billion ($1.33 billion).

“Emaar’s Board of Directors is working to devise a long-term expansion plan stretching to 15-20 years…the plans involve new projects, targeted markets and possible risks with the aim of averting any challenges in the future,” Abbar told the semi-official UAE Arabic language daily Alittihad.

Abbar said Emaar also has expansion plans in Dubai emirate and that it is searching for new sites for projects, adding that the Company aims to deliver 45 new residential towers comprising nearly 15,000 apartments in 2023.

Asked about the planned Dubai Creek Tower, Abbar said it is being re-designed by an international firm selected by Emaar from among several global companies.

“In the next 7-8 months, we will try to develop a new idea about the project, and we hope to start construction work within a year from now,” he said.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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