Mohamed Alabbar, a Dubai billionaire who heads major local development companies Emaar Properties and Eagle Hills, expresses optimism about the Dubai real estate market in 2027. He predicts that it will take six to seven months for life to return to normal after the regional conflict concludes.
Commenting on the prospects of the real estate market for the coming year, Alabbar stated that he does not believe the current situation can be maintained. He said at an event dedicated to the new $20 billion Eagle Hills project in the Maldives: 'I don't think the world can afford to remain in this state.'
He pointed to the pressure being exerted on major economies such as India and China due to the Middle East war. Alabbar emphasized: 'Imagine, energy problems in India cannot continue. China cannot continue like this,' adding that even Iran itself cannot remain in its current position. He expressed hope that 'reasonable and wise people' will lead the region to a better state.
Alabbar reported that households are already feeling the financial burden. 'Indian families are paying more for food, they are paying more for fuel. It is simply unsustainable,' he stated. Since the start of the war between the US, Israel, and Iran in February, global prices for energy and basic consumer goods have risen, affecting consumers in many countries.
Regarding the timeline for the Creek Tower project in Creek Harbour, Alabbar specified that the project will be suspended until tensions between Iran and the US are resolved. He mentioned that it might be put up for tender afterward. 'I am just waiting for now,' he added.
Alabbar also announced that Eagle Hills is ready to consider investments in India within a six-kilometer coastal development, similar to the company's projects in Egypt, Serbia, Georgia, and Dubai. He noted: 'Cities are built on rivers and built on water. Look at Mumbai, right on the waterfront.'
He added that the company is evaluating several opportunities and that the 'search continues.' Furthermore, Alabbar mentioned planning a large coastal project in Syria. In Eagle Hills' opinion, based on previous experience, the company is capable of creating a 'very unique lifestyle' for residents.
Alabbar ruled out the possibility of an Initial Public Offering (IPO) for Eagle Hills, stating: 'IPO was not on our agenda,' and added that the company is not interested in going public. According to Alabbar, Eagle Hills has about 29 projects outside the UAE, 'almost 30.' He concluded that the company has no fixed goals and is constantly 'looking for opportunities.'
Boutros Boutros, Chief Marketing Officer of Emirates Group, emphasized that Dubai's continuous growth is driven by a culture of ongoing investment, innovation, and the pursuit of excellence, rather than simply relying on past achievements. During a session dedicated to global brand marketing, he noted that success is not achieved by stopping and declaring that enough has been accomplished.
He stressed that enterprises and tourist destinations must constantly evolve to maintain competitiveness. As an example, he cited Emirates' aviation operations, noting that the airline continues to invest in its products and customer experience, striving to meet the expectations of travelers from around the world. Boutros added that these investments are aimed at satisfying passengers, as well as the interests of the UAE and further advancement.
In Boutros' view, this approach is applicable to businesses that should not stop after success but must continuously evaluate opportunities to improve their services and products. He pointed out that today companies face constant challenges requiring answers to the questions: 'How do we continue?' and 'How do we move forward?'
He also highlighted the critical importance of having a strong product behind any successful global brand. While marketing can attract attention, the company ultimately must offer something valuable. Boutros stated: 'For us, the product is people, the product is family, and that is what I can promote. But if there is no product behind it, advertising means very little.'
He described Dubai itself as a brand whose global prestige prompts others to try and replicate its success. However, Boutros countered that Dubai's competitive advantage goes beyond financial resources. He asserted: 'Dubai was distinguished by its mindset. Others were distinguished by money. Money cannot buy the kind of mindset that built Dubai.'
Reflecting on his experience in the emirate, Boutros recalled arriving in Dubai in 1979 and observing its transformation over decades. He noted that one thought remained constant: 'Tomorrow Dubai will be better than today.'
Furthermore, he discussed the difficulties faced by businesses during the Covid-19 pandemic, when companies had to adapt quickly, rethink their operations, and respond to unprecedented uncertainty. According to Boutros, this period reinforced the understanding of the importance of resilience and the ability to keep moving even in difficult conditions.
He advised businesses not to be afraid to experiment, learn from failures, and try new ideas, as knowledge gained in tough times can ultimately lead to the creation of stronger products and more successful enterprises. Boutros concluded that the success of large companies is measured not only by the speed of their growth but also by the stories people remember about them.
