Having shaped the skyline of downtown Dubai, Emaar Properties is looking abroad for growth, and future targets may be in the world’s two largest economies, according to Founder and Chairman Mohamed Alabbar.
Housing shortages and a lack of affordability in the US present an opportunity, Alabbar said at the Reuters NEXT conference in Abu Dhabi. “You have a huge problem on your hands, Mr. Trump,” Alabbar added, singling out California and New York over their surging prices. Emaar is exploring entry into the US through acquisitions or joint ventures, but no cities, timeline, or budget have been identified for the deals, Alabbar said. He also expressed conviction in China’s rise, quipping that if he were younger, he “would have learned Mandarin.”
Asked whether he had been approached about reconstruction efforts in Gaza, Alabbar said no, and that Emaar would not be interested, implying that Israel should be responsible for rebuilding the territory, to applause from the audience. “It’s my philosophy... that everybody should clean up his garbage,” he said. “I’m going to focus on making money for my shareholders.