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Current regional situation ‘not sustainable’, says Dubai billionaire Alabbar
Emaar Properties founder says major economies such as India and China are under strain due to the Middle East war due to rising costs and higher energy prices
- PUBLISHED: Mon 21 Sept 2026, 6:02 PM UPDATED: Mon 21 Sept 2026, 9:07 PM
Dubai billionaire Mohamed Alabbar, who chairs major local property developers Emaar Properties and Eagle Hills, is optimistic about the Dubai property market in 2027, expecting it to take six to seven months for life to return to normal after the regional conflict.
Asked about the outlook for the property market next year, Alabbar said he did not believe the current situation could last. “I don't think the world can afford to stay this way,” he said on the sidelines of Eagle Hills’ $20 billion new project in the Maldives.
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He pointed to the strain on major economies such as India and China due to the Middle East war.
“Imagine, energy issues in India cannot continue. China cannot continue like that,” he said, adding that Iran itself could not stay in its current position either. He hoped “reasonable and wise people” would bring the region to a good place.
Alabbar said the cost was already being felt by households. “Indian families are paying more for food, paying more for fuel. It’s just not sustainable,” he said.
Since the outbreak of the US-Israel-Iran war in February, energy and basic consumer goods prices have gone up globally, impacting consumers in most countries.
Creek Tower tender
On the timeline for Creek Tower, which will come up in Creek Harbour, Alabbar said the project would wait for the situation between Iran and the US to settle. He said he might then put it out to tender. “I just wait for now,” he said.
Alabbar said Eagle Hills is open to investing in India in a six-kilometre beachfront development, similar to its projects in Egypt, Serbia, Georgia and Dubai. “Cities are built on rivers and built on water. Look at Mumbai, right on the waterfront,” he said.
He said the company is assessing a few opportunities and that “the search continues”.
Alabbar also said a large waterfront project is planned for Syria. He said Eagle Hills believes it can create a “very unique lifestyle” for residents based on its previous experience.
Alabbar ruled out an initial public offering for Eagle Hills.
“IPO was not on the table for us,” he said, adding that the company was not interested in going public.
Eagle Hills has 29 projects outside the UAE, “close to 30”, Alabbar said. He said the company has no set target and keeps “looking for opportunities all the time.”
