'Expansion will continue'
Emaar Properties will adapt to changing circumstances and continue its strategy of business segmentation and geographic expansion, Chairman Mohamed Alabbar said yesterday.
"We will start a new chapter in our growth story in 2009 by evolving strategies to face the challenges posed by the global financial crisis and exploring new opportunities," he said.
Alabbar said while several challenges await the property sector, there are also "an equal if not greater range" of opportunities.
"Emaar will face these challenges with confidence and we will focus our energies to adapt to the changing circumstances. Our strategy of business segmentation and geographic expansion has proven its effectiveness, and we will continue along this path."
In 2009, Emaar will mark a significant milestone with the opening of Burj Dubai, the world's tallest building. The company will also add two more properties to its Emaar Hospitality Group portfolio – The Address in Dubai Marina and The Address at Dubai Mall.
Year 2008 was marked by two landmark achievements for Emaar Properties – the opening of Dubai Mall, one of the world's largest shopping and entertainment destinations; and The Address, Downtown Burj Dubai, the first hotel under Emaar's own hotel brand, The Address Hotels + Resorts. Emaar opened the Dubai Marina Yacht Club and the Dubai Marina Mall.
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