BCN-38 Dubai property giant Emaar grows profits despite lower prices





Dubai property giant Emaar grows profits despite lower prices

DUBAI, Feb 14, 2019 (BSS/AFP) – Dubai-based construction giant Emaar
Properties said on Thursday its net profits for the fourth quarter and the
whole of last year increased despite falling real estate prices.

The company, which owns the world’s tallest tower, Burj Khalifa, said it
saw a 27-percent surge in fourth quarter net profit to $488 million, up from
$384.5 million in the same period of 2017.

Emaar, the largest construction firm in the Middle East, posted a net
profit of $1.66 billion for all of 2018, up 10 percent on the previous year’s
$1.51 billion, it said in a statement.

The increase in net income came despite falling prices in the key real
estate market of Dubai which has the most diversified economy in the region.

Emaar, the largest listed firm on the Dubai Financial Market, is also
involved in the entertainment, hotel and malls businesses.

“Our strategy for 2018 was to launch and build premium real estate assets
that gained strong investor response from regional and international
markets,” Emaar chairman Mohamed Alabbar said.

Real estate prices in Dubai have been on the decline since 2014 because of
oversupply by builders who are anticipating a pick up in sales ahead of the
international trade fair Expo 2020.