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Mohamed Alabbar, founder of Dubai-listed Emaar Properties, is looking to enter China’s real estate market.
“I am very interested in China, but it is a different world. Let them recover,” he said at a panel discussion at the Future Investment Initiative conference in Riyadh.
Alabbar said Emaar is currently focusing on Eastern Europe, the Middle East, and India.
“Expanding into India is our next big step. We have been operating there for 20 years and it is a big market for us,” he stated.
Emaar’s activities are going very well in Eastern Europe, while the Middle East is experiencing fantastic growth and stability, he said.
In May 2019, Emaar Properties had signed a memorandum of understanding (MoU) with Beijing New Aeropolis Holdings (BNA) to jointly develop the Aero-Economic Area of Beijing Daxing International Airport, according to a statement published on the company's website.
The 40.5 billion UAE dirhams ($11 billion) project, which includes residential and leisure facilities, was expected to be completed in ten years, Alabbar had told UAE's state news agency WAM in July 2019.
(Writing by P Deol; Editing by Anoop Menon)
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