With so much news going around, an interview that Mohammad Al Abbar, Emaar's chairman, gave recently on his new ventures in Africa and Asia passed quietly.
In short, he's building a mining business across Africa and an aluminium smelter in Asia. Al Abbar expects his mining venture, Africa Middle East Resources (AMER), to be worth $10 billion in three years' time. Even half that valuation would be impressive.
Al Abbar, whose chairmanship of Emaar is probably built into its stock valuation, was quick to deny that he was leaving it. But Emaar's stock today hovers at around $0.87 cents, down from its heyday of $3, valuing the company at $4.5 billion (Dh16.55 billion). That's a business that turns 15 next year. Sure, the stock is depressed due to the real estate crisis, but even if we average the valuation at $10 billion, one cannot help but question if running Emaar is everything Al Abbar can or even should do.
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