Commenting on the launch of the noon.com platform in the UAE and the ability of local companies to compete with foreign companies, Emaar Chairman Mohamed Alabbar said: “Any competition is beneficial to the country’s people. Competitive companies cut their prices as soon as we enter the market,” he said.
“Competitors were foreign companies control prices as a single player in the market, which we do not accept,” the Emirati businessman said during a panel discussion at the Future Investment Initiative in Riyadh.
Alabbar considered that good competition is necessary and feeds into the interest of consumers in the end, adding: “We love competition.”
Commenting on Saudi Arabia’s announcement of the mega NEOM project, Alabbar said that the project will support the infrastructure in the region and make it superior to developed countries with promising technologies.