Dubai, Asharq Al-Awsat- Global real estate major Emaar Properties is set to become the first Middle East property developer to open a full-fledged office in China.
Mr Mohamed Ali Alabbar, Chairman, Emaar Properties, who returned from China on Friday, said the office in the Jiushi office building in Shanghai will open end-July. The office will steer Emaar’s ambitious investment plans for the world’s second largest economy.
“Emaar’s entry into China completes a strategic leg of our international expansion programme that focused on three booming markets – the Middle East, the India Subcontinent and now China,” said Mr Alabbar. “Following its entry into the World Trade Organization in 2001 and market reforms gaining pace, the Chinese economy has been growing at an impressive rate. Its contribution to the global GDP growth is more than that of America as well as that of the three next-largest emerging economies – India, Brazil and Russia. Underpinning this growth momentum is the property sector.”