Founder Mohamed Alabbar of Emaar Properties has revealed plans for the redesign of Dubai Creek Tower, a central element in one of the company’s latest ventures. This iconic tower, initially designed by the Spanish-Swiss architect Santiago Calatrava, was originally intended to surpass the Burj Khalifa in height by 100 meters.
Although the tower’s foundations were completed in 2017, there has been limited progress in recent years. In an update this week, Mr. Alabbar disclosed that the tower is currently undergoing a redesign by an undisclosed international firm selected through a tender process. He stated, “We aim to develop a fresh vision for the project in the next seven to eight months and aspire to commence construction within a year from now,” as reported by news agency Wam.
Furthermore, Emaar Properties is actively exploring new expansion opportunities in various locations across Dubai. In the current year, the company is set to deliver approximately 45 new towers comprising 15,000 apartments. Mr. Alabbar expressed confidence in the UAE real estate market, predicting continued growth and promising prospects.
The company’s board is also formulating long-term strategies for the next 15 to 20 years, considering potential projects both within the UAE and abroad. Emaar Properties already has projects in Egypt, India, Turkey, Jordan, Lebanon, Morocco, and Pakistan.
Emaar Properties recently reported a remarkable 15% increase in first-half profits, reflecting Dubai’s flourishing property market. The company achieved a net profit of Dh4.9 billion ($1.3 billion) for the first half of the year.
Mr. Alabbar expects Emaar Properties to maintain its strong financial performance in the coming quarters, bolstered by a solid sales history, indicating consistent growth.
Dubai Creek Harbour, covering an impressive 6 square kilometers, is a massive development that dwarfs Downtown Dubai in size. It encompasses 78.5 million square feet of residential space and is linked to the mainland by three bridges. Upon completion, it is projected to accommodate 200,000 residents.
Last August, Emaar acquired full ownership of Dubai Creek Harbour from Dubai Holding for Dh7.5 billion ($2.04 billion), with the payment being equally divided between cash and Emaar Properties shares. This transaction made Dubai Holding the second-largest shareholder in Emaar.