- Emaar Properties, known for building the world's tallest tower, the Burj Khalifa, is actively exploring opportunities in the Kingdom of Saudi Arabia, where a construction boom is underway. Mohamed Alabbar, the founder of Emaar, has revealed discussions with the Saudi Ministry of Housing aimed at developing large, versatile projects. He further indicated that the company might initiate a residential project comprising 4,000 units should an agreement be reached.
- Saudi Arabia's efforts to promote home ownership have attracted the attention of global construction and property development firms. Since 2016, the country has awarded construction contracts totaling $250 billion as it endeavors to transform into a top-tier tourist destination while diversifying away from oil revenues. Emaar has been involved in real estate development initiatives in Saudi Arabia for several years, including its work on the King Abdullah Economic City project through its subsidiary in the Kingdom, Emaar the Economic City Company, which began in 2008.
Why it matters
The Kingdom has announced plans to build 660,000 homes – equivalent to almost all of Dubai's total housing supply – as well as 289,000 hotel rooms, 6 million square meters of office space, and 5.3 million square meters of retail space, according to Knight Frank Real Estate Advisory. Saudi Arabia is undertaking massive projects like the new "NEOM" city, which covers an area almost as large as the entire country of Belgium.