The growing power of the Middle East in European fashion
Emaar Properties, the world's largest publicly traded real-estate developer, more than tripled nine-month profit to about $1 billion as it expanded into international markets. The company is constructing what it claims will be the world's tallest building in Dubai, where it plans to open its first Armani hotel by 2008. Alabbar is investing 15 billion dirham, or about $4 billion, in the development, which measures one square kilometer and will include the tower, a mall and residential and office space. "We want it to be the most valuable one square meter in the world," said Alabbar, who is one of 12 children and didn't have running water in his own home until he was 10 years old. "It will help put us on the map." Emaar is also investing 15 billion dirham to build about 100 shopping malls in the Middle East, North Africa and Asia.
"Fashion has become a dominant factor in the world," Alabbar said. "I am looking at the business for the demographics. In this region, 60 percent of the people are below the age of 25, 50 percent of our population are women and they are serious shoppers." Luxury labels from Armani to Yves Saint Laurent are expanding in the Middle East as demand for their products increases, most of them working with local franchises and retailers.
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