Emaar Properties, Dubai’s largest listed developer, has not been approached to carry out postwar reconstruction work in Gaza and has no plans to undertake rebuilding in the enclave, the company's chief said on Wednesday.
The people doing the damage should be responsible for the reconstruction, Emaar founder and managing director Mohamed Alabbar said at the Reuters Next Gulf Summit in Abu Dhabi.
“It's just the philosophy that I follow … that everybody should clean up his garbage,” he said.
Mr Alabbar said he is focused on making profits for the company's shareholders.
“We have not contributed to this and I'm very busy making billions of dollars of profit – like the capitalists in the US and other countries. I'm very focused on making money for my shareholders,” he said.
This year, US President Donald Trump touted the idea that the Palestinian coastal enclave has the potential to be developed into the “Riviera of the Middle East”.
About $70 billion will be needed to reconstruct Gaza and make it safe after two years of war with Israel, UN development experts said this month.
Destruction “is now in the region of 84 per cent. In certain parts of Gaza, like in Gaza city, it’s up to 92 per cent”, said Jaco Cilliers, the UN Development Programme’s special representative of the administrator for the programme of assistance to the Palestinian People.
About 81,000 tonnes − about 3,100 lorryloads − of debris have been removed, Mr Cilliers said in the October 14 report.
Via a video stream at the Abu Dhabi event, Mr Alabaar elaborated on Emaar's projects in other parts of the world, including its Marassi Red Sea tourism project in Egypt. Covering 2,426 acres, Marassi Red Sea is close to the beach resort town of Hurghada,
“Egypt is doing well,” said Mr Alabaar. The development in the Red Sea had “incredible success in our first launch that we had to stop the sales after three days”.
Red Sea Marassi's total investment cost will total $17 billion, he said − less than the investment in Emaar's Marassi North Coast in Egypt, when construction costs were “much cheaper”.
Interest in India, China and US
Emaar is also interested in projects in India and China − despite a housing oversupply in China − because of the company's buying power that is buoyed by low debt and “sizeable” cash position, he said.
“We look at India with great interest because their evolution of economic development is quite good,” said Mr Alabaar. “In China, they're still suffering with their housing problem, but they'll come up with it.
“The US is, of course, interesting. Europe, of course, no doubt, even with its ageing population, is interesting.”
Emaar's philosophy is either to enter into joint ventures with local operators or buy a stake in companies with local knowledge in these markets, he said.
The US will face a “disaster” if its housing shortage persists, the real estate developer said, advising Mr Trump that states and major companies must team up to solve the housing problem.
“You can talk about AI, technology, autonomous cars, investment in data centres. Thank you so much, we want to have a house,” Mr Alabaar said.
Asked about the state of Dubai's real estate market, the developer said he is confident about the macroeconomic indicators − including the government budget, infrastructure, the country's credibility and the “good” financial condition of developers.
“My feeling about the market is that I'm so happy that there's so much supply coming in at the end of 2026-2027 that will balance prices in the country. I think it's time that the market balances,” said Mr Alabaar.
