AS THE BUILDER of the world’s tallest skyscraper and one of its biggest shopping malls, Emaar Properties embodies Dubai’s ambitions—and its resilience(韧性，恢复力). Almost 20 years ago the global financial crisis struck just as the 828-metre Burj Khalifa was about to open its doors. Emaar’s American unit filed for bankruptcy(申请破产), the group’s profits sank and debt ballooned(激增，膨胀). Five years ago, amid the covid-19 pandemic, Emaar came to the aid of(出手援助) its mall unit, buying out minority shareholders(买断少数股东股份).
作为世界最高摩天大楼和全球最大购物中心之一的建造者，埃玛尔地产象征着迪拜的雄心——以及它的韧性。近20年前，就在828米高的哈利法塔即将开门迎客之际，全球金融危机爆发。埃玛尔的美国子公司申请破产，集团利润暴跌，债务激增。五年前，新冠疫情期间，埃玛尔出手救助其购物中心子公司，买下了少数股东的股份。
This February the Gulf war broke out(爆发), just as Emaar was enjoying record profits. The firm—regarded as a bet not only on Dubai’s property market but on its whole economy—was the biggest loser on the local stock market.(这家公司——被视为不仅押注迪拜房地产市场、更是押注其整体经济的标的——成了当地股市最大的输家。) Its share price dropped by about a quarter in the month after hostilities(敌对行动，战事) began, while the market index(指数) fell by a sixth. In a show of confidence the president of the United Arab Emirates (UAE), Muhammad bin Zayed al-Nahyan(阿联酋总统，阿布扎比酋长国统治者), walked through the giant Dubai Mall on March 2nd.
今年2月，海湾战争爆发，而当时埃玛尔正享受着创纪录的利润。这家公司——被视为不仅押注迪拜房地产市场、更是押注其整体经济的标的——成了当地股市最大的输家。敌对行动开始后的一个月里，其股价下跌约四分之一，而市场指数下跌了六分之一。为展示信心，阿联酋总统穆罕默德·本·扎耶德·阿勒纳哈扬于3月2日走过巨大的迪拜购物中心。
More than six months on, Mohamed Alabbar, Emaar’s founder, is similarly unfazed(镇定自若，不为所动). “History shows us that every two and a half years there’s a shake-up(洗牌，大调整),” he says. To prove it can handle the latest, on September 16th the company announced a special dividend of 4.4bn dirhams ($1.2bn), equal to half of last year’s regular payout.(为了证明公司能应对最新一轮冲击，9月16日公司宣布派发44亿迪拉姆（12亿美元）的特别股息，相当于去年常规派息的一半。) But “we can’t change the map,” Mr Alabbar says. Emaar and other local firms are having to adjust to(适应，调整以应对) newly uncertain circumstances. For those who can, that means seeking opportunities outside the Gulf.
六个多月过去了，埃玛尔创始人穆罕默德·阿拉巴尔同样镇定自若。“历史告诉我们，每两年半就会有一次洗牌，”他说。为了证明公司能应对最新一轮冲击，9月16日公司宣布派发44亿迪拉姆（12亿美元）的特别股息，相当于去年常规派息的一半。但“我们改变不了地图，”阿拉巴尔说。埃玛尔和其他本地企业不得不适应新的不确定环境。对有能力的公司而言，这意味着到海湾以外去寻找机会。