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Dubai billionaire Alabbar reveals Dh200 billion project conceived during the war
Drawing on crises from the 2008 financial crash to Covid-19, Alabbar said the UAE’s strength lies in 'positive paranoia' — forward-looking vigilance
- PUBLISHED: Mon 22 Jun 2026, 6:13 PM
The founder of Emaar and Noon, and chairman of Eagle Hills, revealed plans for a Dh200 billion project in Dubai, with the location yet to be disclosed, during a session at the Emirati Media Forum on Monday.
Mohamed Alabbar said the project was conceived and designed during regional turbulence, a testament to the UAE’s culture of planning ahead despite external pressures.
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“We have announced a project worth 200 billion. We haven’t told people where it is yet. We designed all of this during the war,” Alabbar said. “Why? Because you believe you are part of a great institution, in a great country, and that tomorrow will always be better.” The Dubai billionaire said this in a session titled “The UAE: Where Security Meets Opportunity” at the Emirati Media Forum, organised by the Dubai Press Club.
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Drawing on decades of experience navigating global crises from the 2008 financial collapse to the Covid-19 pandemic, Alabbar said the UAE’s edge lies in “positive paranoia,” a relentless, forward-looking vigilance embedded in the country’s leadership and institutions.
“The successful ones never sleep. They are always worried, but it is a positive worry, a passion for what they do,” he said. “That is the UAE.”
He also pointed to the country’s ability to maintain economic momentum during the most challenging periods as proof of this philosophy. “Even during the war, we were selling. There were days we sold 160 units. There were days we sold half a billion dirhams in a single day,” he said.
On the state of the local property market, Alabbar struck a measured tone. He forecast the UAE real estate sector would reach full equilibrium by 2027, adding that the correction had already begun.
“The market is starting to enter a balanced phase now. I expect that by 2027 it will be a very well-balanced market,” he said.
He also credited the country’s regulatory framework for shielding developers and investors, noting the UAE’s legal protections are far more robust than those in European markets.
Alabbar also praised the UAE’s media community. He urged journalists to mirror the country’s culture of substance over spectacle.
“Our culture is a realistic one. Everything we say, we don’t exaggerate. Because we were all taught that our work is what speaks for us,” he said. “I criticise many real estate players who run excessive advertising campaigns. You are not selling pizza, you are selling a home worth a million.”
Ruqayya Alqaydi is a Special Correspondent with an endless curiosity to learn. Like a journalist on a caffeine overdrive, she is fuelled by passion and on a mission to uncover every gem in the UAE.