7. Mohamed Alabbar
Founder, Emaar and noon.com
Origin: UAE
Residence: UAE
Sector: Real estate/ retail
2023 Rank: 8
As the founder of Emaar Properties in 1997, Mohamed Alabbar has catapulted the company to become Dubai’s largest listed developer. Under his leadership, Emaar has achieved remarkable success. In 2023, the company reported a 7 per cent increase in revenues, reaching Dhs26.7bn ($7.3bn), alongside a 70 per cent surge in net profit to Dhs11.6bn over the previous year.
Notably, Emaar unveiled plans for The Oasis, a Dhs73bn luxury waterfront property in Dubai, comprising 7,000 residential units. Emaar is also building two new destinations in Dubai, The Heights Country Club and Grand Club Resort – for a combined Dh96bn.
Alabbar’s interests transcend the real estate sector. His portfolio includes noon.com, a leading e-commerce platform, and Zand Bank, a digital lender where he serves as chairman.