Alabbar says Dh5 billion earmarked for distressed projects found no takers in Dubai

Dubai: Mohamed Alabbar, founder of Emaar and Noon and chairman of Eagle Hills, said his team had set aside Dh5 billion to acquire distressed real estate projects in Dubai after the US-Iran-Israel war broke out earlier this year.

However, the veteran businessman was unable to identify a single suitable opportunity, a testament, he said, to the resilience of the emirate's property market and sustained investor confidence.

Speaking at the 11th edition of the Emirati Media Forum, Alabbar argued that one of the UAE's greatest economic strengths lies in the culture of stability and trust established by the country's leadership.

He said this has helped position the nation as a preferred destination for long-term investment across sectors.

"We allocated Dh5 billion to buy distressed projects and did not find any," Alabbar said, according to Al Khaleej newspaper, citing the remark as evidence of the strength and maturity of Dubai's real estate sector.

His comments come amid continued debate over the sustainability of the emirate's property boom, which has been fuelled by strong population growth, foreign investment inflows and rising demand from international buyers. 

Alabbar said the market remained underpinned by genuine liquidity, long-term capital and a sophisticated regulatory environment, giving it greater resilience against global economic volatility.

He revealed that developers had continued planning major investments even during periods of geopolitical uncertainty, including a project valued at Dh200 billion that was conceived during wartime conditions. 

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The decision, he said, reflected a business culture based on practical optimism and a willingness to invest through periods of uncertainty rather than retreat from them.

Alabbar said sales across some developments had averaged approximately Dh500 million a day before recent regional tensions, declining to around Dh150 million a day during periods of heightened uncertainty. 

Despite the slowdown, he said the figures are a clear evidence of continued demand and confidence in the UAE market.

He pointed to economic indicators, including activity at shopping centres, airports and investment projects, as signs of the economy's underlying strength and adaptability. 

Dubai and the UAE, he said, had established themselves as a stable business environment and a safe haven for investment regardless of regional or global challenges.

Looking ahead, Alabbar said the UAE property market would remain orderly in 2027, adding that future real estate development would be driven less by record-breaking height and scale and more by quality of life, innovation and integrated urban experiences.

He also confirmed that Dubai Creek Tower is part of the group's long-term plans, although its launch will depend on market conditions, project costs and the timing deemed most appropriate for delivery.a