Emaar Properties, Dubai’s largest listed developer, has not been approached to carry out postwar reconstruction work in Gaza and has no plans to undertake rebuilding in the enclave, the company's chief said on Wednesday.
The people doing the damage should be responsible for the reconstruction, Emaar founder and managing director Mohamed Alabbar said at the Reuters Next Gulf Summit in Abu Dhabi.
“It's just the philosophy that I follow … that everybody should clean up his garbage,” he said.
Mr Alabbar said he is focused on making profits for the company's shareholders.
“We have not contributed to this and I'm very busy making billions of dollars of profit – like the capitalists in the US and other countries. I'm very focused on making money for my shareholders,” he said.
This year, US President Donald Trump touted the idea that the Palestinian coastal enclave has the potential to be developed into the “Riviera of the Middle East”.
About $70 billion will be needed to reconstruct Gaza and make it safe after two years of war with Israel, UN development experts said this month.
Destruction “is now in the region of 84 per cent. In certain parts of Gaza, like in Gaza city, it’s up to 92 per cent”, said Jaco Cilliers, the UN Development Programme’s special representative of the administrator for the programme of assistance to the Palestinian People.
About 81,000 tonnes − about 3,100 lorryloads − of debris have been removed, Mr Cilliers said in the October 14 report.
Via a video stream at the Abu Dhabi event, Mr Alabaar elaborated on Emaar's projects in other parts of the world, including its Marassi Red Sea tourism project in Egypt. Covering 2,426 acres, Marassi Red Sea is close to the beach resort town of Hurghada,
“Egypt is doing well,” said Mr Alabaar. The development in the Red Sea had “incredible success in our first launch that we had to stop the sales after three days”.
Red Sea Marassi's total investment cost will total $17 billion, he said − less than the investment in Emaar's Marassi North Coast in Egypt, when construction costs were “much cheaper”.
Interest in India, China and US
Emaar is also interested in projects in India and China − despite a housing oversupply in China − because of the company's buying power that is buoyed by low debt and “sizeable” cash position, he said.
“We look at India with great interest because their evolution of economic development is quite good,” said Mr Alabaar. “In China, they're still suffering with their housing problem, but they'll come up with it.
“The US is, of course, interesting. Europe, of course, no doubt, even with its ageing population, is interesting.”
Emaar's philosophy is either to enter into joint ventures with local operators or buy a stake in companies with local knowledge in these markets, he said.
The US will face a “disaster” if its housing shortage persists, the real estate developer said, advising Mr Trump that states and major companies must team up to solve the housing problem.
“You can talk about AI, technology, autonomous cars, investment in data centres. Thank you so much, we want to have a house,” Mr Alabaar said.
Asked about the state of Dubai's real estate market, the developer said he is confident about the macroeconomic indicators − including the government budget, infrastructure, the country's credibility and the “good” financial condition of developers.
“My feeling about the market is that I'm so happy that there's so much supply coming in at the end of 2026-2027 that will balance prices in the country. I think it's time that the market balances,” said Mr Alabaar.
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
How to become a Boglehead
Bogleheads follow simple investing philosophies to build their wealth and live better lives. Just follow these steps.
• Spend less than you earn and save the rest. You can do this by earning more, or being frugal. Better still, do both.
• Invest early, invest often. It takes time to grow your wealth on the stock market. The sooner you begin, the better.
• Choose the right level of risk. Don't gamble by investing in get-rich-quick schemes or high-risk plays. Don't play it too safe, either, by leaving long-term savings in cash.
• Diversify. Do not keep all your eggs in one basket. Spread your money between different companies, sectors, markets and asset classes such as bonds and property.
• Keep charges low. The biggest drag on investment performance is all the charges you pay to advisers and active fund managers.
• Keep it simple. Complexity is your enemy. You can build a balanced, diversified portfolio with just a handful of ETFs.
• Forget timing the market. Nobody knows where share prices will go next, so don't try to second-guess them.
• Stick with it. Do not sell up in a market crash. Use the opportunity to invest more at the lower price.
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Short-term let permits explained
Homeowners and tenants are allowed to list their properties for rental by registering through the Dubai Tourism website to obtain a permit.
Tenants also require a letter of no objection from their landlord before being allowed to list the property.
There is a cost of Dh1,590 before starting the process, with an additional licence fee of Dh300 per bedroom being rented in your home for the duration of the rental, which ranges from three months to a year.
Anyone hoping to list a property for rental must also provide a copy of their title deeds and Ejari, as well as their Emirates ID.
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 247hp at 6,500rpm
Torque: 370Nm from 1,500-3,500rpm
Transmission: 10-speed auto
Fuel consumption: 7.8L/100km
Price: from Dh94,900
On sale: now
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
PROFILE OF CURE.FIT
Started: July 2016
Founders: Mukesh Bansal and Ankit Nagori
Based: Bangalore, India
Sector: Health & wellness
Size: 500 employees
Investment: $250 million
Investors: Accel, Oaktree Capital (US); Chiratae Ventures, Epiq Capital, Innoven Capital, Kalaari Capital, Kotak Mahindra Bank, Piramal Group’s Anand Piramal, Pratithi Investment Trust, Ratan Tata (India); and Unilever Ventures (Unilever’s global venture capital arm)
Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai
Trump v Khan
2016: Feud begins after Khan criticised Trump’s proposed Muslim travel ban to US
2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks
2019: Trump calls Khan a “stone cold loser” before first state visit
2019: Trump tweets about “Khan’s Londonistan”, calling him “a national disgrace”
2022: Khan’s office attributes rise in Islamophobic abuse against the major to hostility stoked during Trump’s presidency
July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”
Sept 2025 Trump blames Khan for London’s “stabbings and the dirt and the filth”.
Dec 2025 Trump suggests migrants got Khan elected, calls him a “horrible, vicious, disgusting mayor”
