The story of Emaar Properties

Emaar is one of the most seen brand names in the city of Dubai, United Arab Emirates. Whether you're in Dubai Downtown or Dubai Marina, you will see several buildings with the Emaar branding. A running joke in the city is first-time visitors wondering, 'Who is Emaar'?

Emaar is the largest property developer in the United Arab Emirates. It was founded in 1997 by Mohammad Alabbar, who now serves as the company's Managing Director.

Dubai wasn't this grandiose when Emaar was founded, and the company played a critical role in the amazing transformation of the city's skyline. Emaar came up with the idea of Downtown Dubai which is now the heart of the city, and Emaar built the World's tallest building (Burj Khalifa) and what used to be the world's largest mall (Dubai Mall) there.

Apart from its portfolio of some of the most iconic buildings in Dubai, Emaar has a strong presence across 36 markets including

• Egypt
• India
• Saudi Arabia
• Turkey
• Pakistan

Emaar's 2021 revenue was $7.69 Billion with a net profit of $1.035 Billion. The rise in revenue and net profit was 57% and 80%, respectively. The company valuation of Emaar as of now is $15.5 Billion.

As of February 2022, the Property Development giant had handed over 81.600 residential units in Dubai and international markets since 2002. There were 24,500 units under development in the UAE and 10,700 units under development globally. This is the sheer size and presence of Emaar.

But what is the origin story of Emaar? When I started researching on this topic, I couldn't come across enough material initially. Then I started researching the founder Mohammed Alabbar closely. He says he used to be a Government Employee at a speech he delivered at the Arabian Business forum in Dubai. Initially, he did an Aluminium business. He comes from a finance background. He is a very charismatic personality and is an eloquent speaker. He says they succeeded because he managed to get the best people to do the right job.

Alabbar received a government scholarship to study finance and business at the Seattle University, USA. His career started as a Bank Manager at the Central Bank of UAE. In 1992 he became the founding director general of the Department of Economic Development. During this time, he had developed a close relationship with the ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum. He later was appointed one of Sheikh Mohammed’s chief economic advisers. He worked closely with the Dubai ruler to drive the city's growth.