![]() Larger than Downtown DubaiĪt 6 square kilometres, the mega Dubai Creek Harbour development is almost twice the size of Downtown Dubai. Mr Alabbar said he expects Emaar Properties to “continue to achieve favourable financial results in the upcoming quarters, supported by a strong sales track record, indicating sustained growth”. Net profit for the six months to the end of June climbed to Dh4.9 billion ($1.3 billion), the company announced last month. It currently has projects in Egypt, India and Turkey as well as Jordan, Lebanon, Morocco and Pakistan.Įmaar Properties reported a 15 per cent surge in its first-half profit earlier this month, amid a booming property market in Dubai. Mr Alabbar said the company's board is developing long-term plans for the next 15 to 20 years, looking at new projects both in the UAE and overseas. “The real estate market in the UAE will witness further growth and is still promising,” he said. This year, the company will deliver about 45 new towers containing 15,000 apartments. He also said Emaar Properties is currently looking at new locations in Dubai where it can expand. “We are seeking during the next seven to eight months to develop a new idea about the project and we hope to start construction within a year from now,” he told news agency Wam. In an update this week, Mr Alabbar said the tower “is currently in the process of being redesigned” by an unnamed international company that was selected after a tender process. The cable-tied tower, designed by the Spanish-Swiss architect Santiago Calatrava, was due to be 100 metres taller than the Burj Khalifa.įoundations for the tower, which will be located in the centre of the Dubai Creek Harbour development, were completed in 2017 but there has not been much progress made in recent years. Dubai Creek Tower, the planned centrepiece of one of Emaar Properties' latest projects, is being redesigned, founder Mohamed Alabbar has said.
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