The following article contains details of the 10 highest-ranking developers on Construction Week’s 2017 Power 100...
1. Mohamed Alabbar, Chairman, Emaar Properties (Power 100 ranking: 9)
Mohamed Alabbar, chairman of UAE-headquartered Emaar Properties and the highest-ranking developer on Construction Week’s 2017 Power 100, sits at the helm of a vast real estate empire in both its domestic Dubai market and beyond.
Earlier this month, the firm announced plans to list its UAE real estate development business through an equity offering of up to 30% on Dubai Financial Market (DFM) – a move that saw the DFM General Index register a three-month high of 3,406 points.
Emaar Properties reported a net profit of $377m (AED1.4bn) in Q1 2017, an increase of 15% compared to the corresponding period of the previous year. Commenting on the results, Alabbar said: “We have seen an increase in property sales in Dubai, and we are on track with our construction milestones.”
Emaar’s current flagship project, The Tower at Dubai Creek Harbour, has also witnessed significant progress during the past year. Since the development’s ground-breaking ceremony in October 2016, more than 145 barrette piles have been laid, and they are now being trimmed in preparation for the laying of a 19m-thick pile cap.