Emaar has not halted future projects

Emaar Properties founder Mohamed Alabbar has denied that the property developer has halted future projects.

“All we have done is stopped new launches during the pandemic. Everyone has, because there is a global pandemic we are still in the middle of. That doesn’t mean we have halted anything. To suggest we have is nonsense,” the Dubai-based property developer’s founder said.

Quoting Alabbar, Reuters had reported on Monday that Dubai’s largest listed developer had halted new building work.

Alabbar, however, confirmed that all Emaar projects were under construction. “Yes, all our projects, more than 90, are under construction.”

Emaar has upcoming properties at Emaar Beachfront, Dubai Creek Harbour, Downtown Dubai and Emaar South.

“You only need to look at our website to see what is planned, we have some of our most exciting and innovative projects ever to be rolled out. I can’t be clearer — we haven’t stopped,” he added.

The Emaar boss also hit back at suggestions that the company is responsible for an oversupply of properties in Dubai, forcing prices down.

“Really? Come on. Have you seen how many developers there are in Dubai? You need more than two hands to count them. No, of course not, we are not responsible for any oversupply.”