UAE's Emaar chief Alabbar says 'can raise $400 billion in a week' to fix US housing woes

A UAE businessman is hoping to relieve the pressure on the American housing system by entering the US market. Mohammed Alabbar, founder of Emaar Properties, said the US housing problem will be a disaster if not solved quickly and proposed to team up with some of the biggest players in the country to reduce the shortages, while making revenue for the American government.

“[The US] needs about $400 billion in capital, “ he said. “My message to Mr Trump [is that] we can raise that in one week. We'll bring in all the local players. Now, if you were to look at the real economic impact of solving the housing problem in America, you would eliminate 50 per cent of the inflation index rate. They will be creating close to 20 million jobs. But what's interesting is that in 10 years, the US government will collect $2.5 trillion in taxes while solving the housing shortage."

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Alabbar was speaking at the Reuters NEXT Gulf Summit in Abu Dhabi on Wednesday, joining in online from Georgia, where Emaar has developments in Tbilisi and Batumi. He added that the US suffers from a shortage of almost five million housing units and that affordability was critical. “If you look at it, 90 per cent of young people in China own homes, but in America, only 50 per cent have their own homes."

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Despite this vision, Alabbar said his company was not having talks with any major American companies to enter the region’s real estate market.

UAE market will stabilise

When asked about the local market, he said that he was happy that there was a lot of supply coming into the UAE property market by the end of 2026 and 2027. “That will balance prices in the country,” he said. “I think it's time that the market balances and good developers are in good financial condition.”

In his true cheeky style, he added that he asked his EU counterparts to fix their economy. “The last time I was in an EU conference, I told my colleagues please fix your economy,” he said. “There are so many people moving from the EU to UAE. We have no space for you. So please fix your economy because we can't handle too many of these people.”

He also praised the UAE and its leadership, saying that people of various nationalities peacefully co-existed here. 

Entering various markets

According to Alabbar, Emaar is actively exploring entering various other markets in the world and is studying them keenly. “We look at India with great interest because the evolution of economic development in India is quite good,” he said. “China is also still suffering with their housing problem, but they will come out of it. The US, of course, is interesting. Europe, no doubt, even with its aging population is interesting.”

He said that his company has a strong position because of its low debt and cash position. “We can do a lot, but then our philosophy is that we want to go and either join venture with the local good operators or buy a stake in companies with local knowledge in these markets,” he said.

He added that the company’s Egyptian development in the Red Sea, was “incredible successful” and the sale had to be stopped after three days because of the immense response.

Nasreen Abdulla

nasreen@khaleejtimes.com

Nasreen Abdulla is a Special Correspondent covering food, tech and human interest stories. When not challenged by deadlines, you’ll find her pulling off submissions on the jiu jitsu mats.