A figure who needs no introduction, HE Mohamed Alabbar, chairman of Emaar Properties, has led the UAE-headquartered development giant through another year of impressive growth.
The Dubai Financial Market-listed firm reported a net profit of $2.5bn (AED9bn) in 2018, which was a sizeable increase on 2017’s corresponding net profit figure of $1.8bn (AED6.5bn).
Recent developments at Emaar have included the commencement of construction works on Phase 3 of its Arabian Ranches master-planned residential community in Dubai. Arabian Ranches III, the newest phase of the gated villa community, broke ground in May and is set to feature a host of family-friendly amenities.
Also in May of this year, the developer launched a $6.8bn (AED25bn) leisure and residential scheme that it is touting as “The Dubai Mall by the Sea” – Mina Rashid. This Riviera-style costal destination, located on the historic Dubai Creek near the Bur Dubai and Deira neighbourhoods, will include a waterfront retail, dining, and leisure destination; a floating yacht club; a 12,600m2 beach; and Dubai’s longest swimming pool.
Mina Rashid will also have more than 430 wet berths, and will be able to accommodate some of the largest yachts in the world. The celebrated ocean liner, the QE2, will take pride of place at the port.
The new facilities will complement the Hamdan bin Mohammed Cruise Terminal, the Middle East’s leading cruise destination.
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