Mohamed Alabbar, the founder of Emaar, has unveiled an ambitious $400 billion initiative aimed at addressing the housing crisis in the United States, Economy Middle East reports.
The project could create up to 20 million new jobs, add about $4 trillion to the U.S. economy, and generate $2.5 trillion in government revenue. Beyond the economic stimulus, the plan seeks to make housing more affordable and help curb inflation.
According to Khaleej Times, Alabbar aims to ease pressure on the American housing system by entering the U.S. market. He warned that the housing problem in the U.S. could become catastrophic if not resolved soon and proposed partnering with major players in the market to reduce shortages while simultaneously increasing government revenues.
“The United States needs around $400 billion in capital,” Alabbar said. “My message to Mr. Trump is that we can raise that amount within a week. We would bring in all the local partners. If you look at the real economic impact of solving the housing problem in America, you would eliminate 50 percent of the inflation index. Nearly 20 million jobs would be created. But what’s particularly interesting is that within ten years, the U.S. government would collect $2.5 trillion in taxes while solving the housing shortage.”
Alabbar spoke at the Reuters NEXT Gulf Summit in Abu Dhabi, joining online from Georgia, where Emaar has developments in Tbilisi and Batumi. He added that the U.S. currently faces a shortage of nearly five million housing units and that affordability is critical. “If you look at it, 90 percent of young people in China own homes, while in America only 50 percent do,” Alabbar emphasized.
