Emerging from several days of negotiations at a seaside resort in San Diego, California, Mohammed Ali Alabbar was exuberant.
In one fell swoop, the chief executive of Emaar Properties had bought a major US homebuilder and transformed his company into the world’s largest property developer.
“This agreement will provide Emaar with an important gateway into the US real estate market,” he said in June 2006, announcing that Emaar had acquired John Laing Homes for US$1.05bn (Dh3.85bn).
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