Dubai master developer Emaar said its board of directors is developing long-term expansion plans spanning 15 to 20 years, including new projects in the pipeline and new countries targeted for expansion.

 

It is also planning investments in human capital to face any future challenges, reported Wam citing its top official.

 

Emirati businessman Mohamed Alabbar, Founder of Emaar Properties and noon.com, a leading e-commerce platform, highlighted the UAE's highly competitive economy and its stable and optimal investment landscape for both investors and business leaders is based on its visionary leadership directives.

 

Alabbar stressed that the country's leadership has consistently prioritised enhancing the business environment to attract investors of varying scales and sectors, a strategy that has borne substantial fruit for enterprises such as Emaar Properties, noon.com and Americana.

 

Alabbar highlighted Emaar Properties' positive financial performance during H1 2023, driven by the thriving national economy and the upward trajectory seen across the real estate and tourism sectors.

 

He anticipated that Emaar Properties would continue to achieve favourable financial results in the upcoming quarters, supported by a strong sales track record, indicating sustained growth.

 

Talking to Wam, he revealed potential plans to bump up dividends for Emaar Properties' shareholders in 2023, noting that there are no immediate plans to float noon's shares on the financial market.

 

The investors will submit a proposal to Emaar Properties' Board of Directors to discuss increasing dividends for shareholders in 2023, in line with the company's commitment to shareholder rights, he added.

 

Regarding noon.com, Alabbar clarified that there are no current plans for noon to go public or list shares on financial markets, adding that such a step will be taken into consideration in the future, especially as the Arab world is in need of a publicly listed e-commerce entity.

 

Alabbar also underscored noon's proven six-year track record, marked by growth across various sectors. He added that "noon Minutes", a fast e-commerce delivery service, and "noon Food", a food delivery service, have gained significant traction in Dubai, Abu Dhabi, Sharjah, and Saudi Arabia since their launch a year ago.

 

Alabbar, who is also the Chairman of the Board of Directors for Americana Restaurants, underscored that the company's listing of its shares on the stock markets of Abu Dhabi and Saudi Arabia signified a monumental turning point in its history.

 

This achievement followed its significant growth, establishing the company as a premier entity across the Middle East, North Africa, and Kazakhstan, reported Wam.

 

Looking ahead, Alabbar shared the company's ambitious goal of launching an estimated 250 to 260 new restaurants by the end of the year, focusing on growth prospects within key markets, notably the UAE and Saudi Arabia, he added.