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.'