Emaar founder Alabbar has announced that Dubai Creek Tower is undergoing a redesign, with construction set to commence within the next year.

Mohamed Alabbar, the visionary behind Emaar Properties, shared an update regarding the Dubai Creek Tower project, revealing that the tower is currently undergoing a comprehensive redesign, as reported by the Emirates News Agency (WAM).

Following a competition in which several renowned international companies participated, the tower is now in the midst of this redesign process. Over the next seven to eight months, Emaar Properties aims to collaborate closely with the selected multinational company to craft an innovative concept for this project. Alabbar, as cited by WAM, expressed the hope of initiating construction within the coming year.

Alabbar, the trailblazer behind Emaar Properties and the online retail platform Noon, commended the UAE for its advanced competitive economy and its secure investment environment, attributing these achievements to the forward-thinking vision of the nation's leadership.

"The wise leadership in the country has given utmost priority to the continuous enhancement of the business environment, with the goal of attracting investors of all scales and sectors," Alabbar remarked, underscoring that this approach has yielded substantial growth for enterprises like Emaar Properties and Noon.

Dubai's Emaar is poised to deliver 45 towers, comprising 15,000 apartments, in 2023, according to Alabbar, underscoring the company's positive outlook for future development.

Alabbar expressed confidence in the company's future growth and cited its impressive financial performance during the first half of the year, featuring revenues of AED12.3 billion and net profits of AED4.9 billion, marking a 15% increase.

Alabbar also revealed that Emaar Properties' Board of Directors is formulating long-term expansion plans spanning 15 to 20 years, encompassing the launch of new projects.

Alabbar also discussed Noon's rapid progress since its launch in 2017. With services like Noon Minutes and Noon Food, the e-commerce platform has risen as a regional leader in online retail. With aspirations for further expansion, Noon is focusing on growth and development in the United Arab Emirates, Saudi Arabia, and Egypt. Alabbar hinted at Noon's interest in the travel industry as part of its growth strategy.

"Noon is dedicated to expanding its presence in the UAE, Saudi Arabia, and Egypt, and we are actively exploring the possibility of offering and listing in the future," remarked Alabbar.

In addition to his roles at Emaar Properties and Noon, Alabbar holds leadership positions at Americana Restaurants. He described the listing of Americana on stock exchanges in Abu Dhabi and Saudi Arabia as a significant milestone and anticipated the opening of 250 to 260 new restaurants by year-end.

Alabbar remained optimistic about the UAE's economic prospects, commending the nation's robust economic performance and impressive growth rates, surpassing international expectations, all of which he credited to the wise policies of the nation's leadership, as per WAM's report.