Dubai's Emaar reports its nine-month profit almost halving
Picture used for illustrative purpose. File
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.”
