DUBAI: Dubai’s Emaar Properties, builder of the world’s tallest tower, is creating a core management team to develop a new growth strategy, the developer said, following social and political upheaval in the region.
Emaar — the UAE’s largest listed developer and about 30 percent owned by Dubai’s government — was badly hit by the Gulf emirate’s property collapse and has little scope for growth in its home market.
Emaar chairman Mohamed Alabbar, who heads the team, said in a statement that it would focus on "strengthening the resilience of the organization in the wake of recent social, political and economic changes in its regional and global markets."
The team will also work on "establishing a sustainable business model for the future and identifying and capitalizing on the growth opportunities," the statement said on Saturday.
The team will also focus on "creating a robust organizational and corporate governance framework that resonates with new market realities," the statement said.
Citing sources, Reuters reported on Thursday that Emaar would conduct a strategic review of its foreign operations which may lead to a greater focus on its hospitality and retail resort business.
The review by McKinsey & Co. mainly relates to the developer’s property division as opposed to its thriving hospitality sector, said two of the sources.
It will cover Emaar’s overseas units which span the Middle East, Africa and Asia, in countries like India, Egypt and Saudi Arabia.
