Mohamed Alabbar, Managing Director of Emaar Properties, confirmed that the real estate market in Dubai and the UAE continues to maintain a stable position, pointing out that property values remain steady during the current period.
In statements to Sky News Arabia, Alabbar explained that real estate-related inflows are still ongoing, emphasizing that the company’s stock, despite some decline, has demonstrated resilience amid high demand.
He added that cash flows for real estate companies, along with buyers’ commitment to paying installments for off-plan projects and settling obligations to banks and contractors, remain healthy and solid.
He noted that companies closely monitor these indicators, and although some percentages have declined from 100% to around 85% currently, strong institutions are able to cover the 15% gap based on the robust financial performance witnessed in previous years.
Alabbar also discussed the number of visitors to The Dubai Mall, noting that the center previously received approximately 250,000 visitors daily. During Ramadan, the number reached around 200,000 visitors per day, whereas currently, it stands at about 180,000 daily visitors, reflecting a reasonably stable situation.
In a related context, Alabbar acknowledged the impact of certain events on the tourism sector but described it as temporary. He affirmed that the solid foundations of the UAE economy are long-term and capable of withstanding shocks, explaining that recovery and a return to normalcy happen quickly in the UAE, benefiting from the well-established reputation of its economy and investment environment.
He added that the UAE enjoys a strong economy capable of adapting and overcoming crises, noting that the recent crisis further highlighted the stability of security and stability factors. He expressed optimism that the upcoming period will witness a stronger momentum with the end of this crisis, which he hopes will conclude soon.
