Dubai's Emaar reports its nine-month profit almost halving
- Last updated: November 11, 2020 | 17:42
Gulf Today Report
Emaar Properties on Wednesday reported its profit for the first nine months of the year was almost cut into half.
In a statement, Emaar said its profit declined 48% from January- September. Nine-month revenue slumped 26% to 13.4 billion dirhams.
Dubai’s largest listed developer’s chairman said he is positive about the rest of the year.
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Similar to every economic sector, the pandemic has affected the already struggling Dubai’s property market.
The Chairman Mohamed Alabbar said, “looking to the future, I am cautiously optimistic about the remainder of the year and I am confident that things will be in better shape across most sectors by summer 2021.”