Prominent Emirati entrepreneur Mohammed Al Abbar, founder of Emaar Properties, delivered a remarkably candid address at the 1 Billion Followers Summit in Dubai, blending humorous anecdotes with profound business insights drawn from both his spectacular successes and costly failures.
Al Abbar revealed a groundbreaking development in construction technology stemming from a direct mandate from UAE President Sheikh Mohamed bin Zayed Al Nahyan. The President instructed him to investigate revolutionary Chinese construction capabilities, resulting in Al Abbar’s discovery of factory-based high-rise production achieving what he described as ‘mind-blowing’ results—a 15-story tower assembled in merely 12 days.
This transformative technology utilizes advanced prefabrication, robotics, and automated processes that not only dramatically accelerate construction timelines but also offer significantly enhanced sustainability compared to conventional methods. Al Abbar highlighted that this innovation is already being implemented in Abu Dhabi, with expectations that mass adoption will substantially reduce costs.
Beyond technological advancements, Al Abbar shared hard-earned financial wisdom, particularly emphasizing the dangers of debt accumulation. ‘Don’t borrow,’ he cautioned attendees, reflecting on his own near-bankruptcy experience during his 1997 retail operations in Singapore. ‘Borrowing injured me deeply. I minimized my borrowing to the maximum, and that saved me all my life,’ he stated, noting the particular importance of this approach in today’s volatile global economy.
The visionary behind iconic structures like the Burj Khalifa also discussed Emaar’s costly missteps, including a failed expansion into the US market that resulted in over $1 billion in losses but provided invaluable lessons. He stressed that innovation must be coupled with humility and relentless effort, emphasizing that success is never guaranteed regardless of past achievements.
Al Abbar concluded with empowering advice for aspiring entrepreneurs: ‘You are not going to do everything right. Failing is also learning. The real question is whether you can stand up again.’ His presentation formed part of the three-day 1 Billion Followers Summit, one of the world’s largest gatherings for content creators, hosted across Emirates Towers, the Museum of the Future, and DIFC.