Dubai-based Emaar Properties, one of the Middle East's largest property developers, is working on a long-term expansion plan that includes new projects and new markets, the company's founder was quoted as saying on Thursday.

Mohammed Al-Abbar said 2023 was a bumper year for Emaar in terms of business, with revenues reaching AED 12.3 billion ($3.35 billion) and net profit up 15 per cent to nearly AED 4.9 billion ($1.33 billion).

Emaar's board of directors is working on a long-term expansion plan of up to 15-20 years, Abar told semi-official UAE Arabic daily Alittihad ...... The plan covers new projects, target markets and possible risks, with the aim of avoiding any future challenges.

Emaar also has expansion plans in the emirate of Dubai and is currently looking for new sites for its projects, Abar said, adding that the company aims to deliver 45 new residential towers comprising nearly 15,000 flats by 2023.

Asked about the planned Dubai Creek Tower, Abar said Emaar is in the process of selecting an international company from several global firms to redesign it.

Over the next seven to eight months, we will be working hard to come up with new ideas for the project, and hopefully we will be able to start construction within a year," he said.