ECONOMY

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

Mohammad Alabbar (right), chairman of Emaar Properties, speaks to the press during a groundbreaking ceremony of The Tower at Dubai Creek Harbour on October 10, 2016. (AFP)

Emaar Properties made $1.8 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 more than 160-storey 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 percent on an annual basis,” Chairman Mohamed 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.   

Infrastructure needed in many markets 

Alabbar said that a lot of infrastructure was still required in markets Emaar is operating in, including Saudi Arabia, the UAE, Turkey, and Egypt, and that he 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.

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Last Update: Thursday, 8 February 2018 KSA 15:30 - GMT 12:30
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