Mohammed Alabbar, the founder of UAE-based Emaar Properties, has unveiled an ambitious plan to address the escalating housing crisis in the United States. Speaking at the Reuters NEXT Gulf Summit in Abu Dhabi, Alabbar asserted that he could raise $400 billion within a week to tackle the shortage of nearly five million housing units in the US. He emphasized that the crisis, if left unresolved, could have catastrophic consequences for the American economy. Alabbar proposed collaborating with major US players to not only alleviate the housing deficit but also generate substantial revenue for the government. He highlighted that solving the housing issue could reduce inflation by 50%, create 20 million jobs, and generate $2.5 trillion in tax revenue over a decade. Despite his bold vision, Alabbar clarified that Emaar is not currently in talks with any American companies to enter the US real estate market. Shifting focus to the UAE, he expressed optimism about the local property market, predicting a balance in prices by 2026-2027 due to increased supply. Alabbar also critiqued the European economy, urging EU leaders to address their economic challenges to stem the flow of migrants to the UAE. He praised the UAE’s leadership and its multicultural harmony. Additionally, Alabbar revealed Emaar’s interest in expanding into markets like India, China, and Europe, leveraging the company’s strong financial position and strategic partnerships. He cited the overwhelming success of Emaar’s Red Sea development in Egypt as evidence of the company’s global potential.
UAE’s Emaar chief Alabbar says ‘can raise $400 billion in a week’ to fix US housing woes
