Mohamed Alabbar born on November 8, 1956, in Dubai, UAE, Alabbar is a titan of industry whose ventures have reshaped the skyline of the modern world. As the eldest of 12 children, Alabbar’s journey from humble beginnings to becoming a global real estate mogul is nothing short of inspiring.
After graduating in Business Administration from Seattle University in 1981, Alabbar began his career as a banking manager at the Central Bank of the UAE. His career took a pivotal turn when he became the founding director general of the UAE’s Department of Economic Development, where he forged a close relationship with Sheikh Mohammed bin Rashid Al Maktoum, the Ruler of Dubai. This partnership was instrumental in the development of Dubai’s tourism sector and international standing.
In 1997, Alabbar founded Emaar Properties, a company that would go on to build some of Dubai’s most iconic structures, including the Burj Khalifa and the Dubai Mall. With a 24.3% stake in Emaar, Alabbar's vision propelled the company to become one of the most valuable real estate entities in the world, with a valuation approaching Rs 405188 crore. Emaar’s influence extends beyond real estate to luxury hotels, retail, mining, and commodities.
Alabbar's entrepreneurial spirit didn’t stop there. In 2016, he co-founded Noon.com, an e-commerce platform valued at $1 billion, revolutionising the online shopping experience in the Middle East. He is also the chairman of Eagle Hills, a prominent investment and real estate development company based in Abu Dhabi, and serves on the board of Emaar Malls.
Recognized for his contributions to the business world, Alabbar was honoured as the ‘Middle East Personality of the Year’ by FDI magazine in 2010 and ranked fifth in ‘The World’s Most Influential Arabs.’ As of January 2023, his net worth is estimated at Rs 10905 crore.
Why Is Emaar India Under the ED’s Spotlight?
Recently, Mohamed Alabbar’s empire faced scrutiny when the Enforcement Directorate (ED) seized properties worth Rs 834.03 crore from Emaar India Limited and MGF Developments Limited under the Prevention of Money Laundering Act. The move has sparked questions about Emaar’s operations in India, especially since senior officials of Emaar India appeared before the Economic Offences Wing (EOW) in June 2023 over alleged real estate fraud.
Despite these legal challenges, Alabbar’s influence remains profound. His ventures continue to shape skylines and marketplaces, illustrating the enduring impact of his innovative vision.
