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Tough domestic market prompts Emaar to look overseas for growth

|By Arabian Post Staff| Continuing tough conditions in the Dubai real-estate market is prompting leading Dubai developer Emaar to look overseas for growth, chairman Mohammed Alabbar disclosed.

Despite the correction in the domestic market, the company is expecting to grow next year Alabbar said at the Bloomberg Markets Most Influential summit in Abu Dhabi. The growth markets are expected to be India and Egypt, which remains a good market for Emaar, he said.

The Emaar chairman pointed out that the next year will see a “rebalancing” between supply and demand.

Property consultant Cluttons has forecast continued decline in property values next year after dropping 7.4 percent on an annual basis at the end of the third quarter.

Alabbar said the company is “tightening its belt” next year. “It’s good to be realistic and get ready for a challenging year while pushing hard,” he said.