Strategic adaptation to environmental jolts: an analysis of corporate resilience in the property development sector in Dubai

This paper contributes to the literature on the contingent nature of strategic adaptation to environmental jolts in the context of the real estate industry in UAE. We selected the representative case of Emaar Properties to estimate how the evolving dynamics in the UAE real estate sector over the 2000-2015 period affect the exercise of managerial discretion and the development of corporate resilience. The emphasis was placed on two external discontinuities, namely the 2008-2009 financial crisis and the 2013 announcement of Dubai as the host city of World Expo 2020. By altering its portfolio of investments across countries and industry segments, the company mitigated the impact of the global recession and benefited from the market improvement triggered by the World Expo 2020 news. The strategic choices of the top management reflect how, in times of environmental turbulence, Emaar was geared toward achieving tighter external alignment to balance its risks and opportunities.