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 organisation 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 capitalising on the growth opportunities", the statement said on Saturday.
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