property

Emaar Properties made $1.8b in 2017, worried on 2019

Alabbar says firm has grown 20 to 25% annually

Reuters
17:43 February 8, 2018

ABU DHABI: Emaar Properties made $1.8 billion (Dh6.61 billion) in profit and close to $5 billion in sales in 2017, the chairman of Dubai’s largest listed developer said ahead of its full year results.

The developer of the Burj Khalifa, the world’s tallest tower, made $1.43 billion in 2016 and reported $3.92 billion in Dubai property sales.

“We’ve been growing about 20 to 25 per cent on an annual basis,” Chairman Mohammad Alabbar said late on Wednesday at a conference in Abu Dhabi.

Emaar, in which the Dubai government owns a minority stake, reported double digit quarterly sales growth in each of the first three quarters of 2017.

Alabbar said that a lot of infrastructure was still required in markets Emaar is operating in, including Saudi Arabia, the United Arab Emirates, Turkey, and Egypt, and that he was looking at the market positively.

However, he also said that he was worried about 2019.

“We had a good time for too long,” Alabbar said, without elaborating.

—Reuters