Surprise – Mohamed Al-Abbar: Real Estate Sales Drop by More Than 50%

Surprise – Mohamed Alabbar: Real Estate Unit Sales Drop by More Than 50% • Mohamed Alabbar, founder of Emaar Properties, said that the real estate market has seen a significant decline in sales following the boom it experienced in recent years. • Real estate unit sales have fallen by more than 50%, while sales in the shopping center sector have declined by about 15%, according to Al Abbar’s statements to “CNBC Arabia.” • In other news, Alabbar unveiled a new project for Eagle Hills in the Maldives with investments totaling $20 billion, which includes the development of a 6-kilometer-long island and the construction of approximately 5,000 residential units. • The project is scheduled to be implemented over a period of 10 to 15 years, relying primarily on self-financing and proceeds from sales.