Home Industry Real Estate Dubai’s Emaar Properties reports 27% Q4 profit increase The company’s profit was helped by solid performances at its development and hospitality units. by Reuters February 14, 2019 Dubai’s largest listed developer Emaar Properties beat expectations to report a 27 per cent rise in fourth-quarter profit on Thursday, helped by solid performances at its development and hospitality units. The developer of Dubai’s Burj Khalifa, the world’s tallest tower, said it made Dhs1.79bn ($490m) in the three months to Dec. 31 2018 compared with Dhs1.41bn a year earlier. Revenue rose 53 per cent to Dhs8.3bn. EFG Hermes estimated Emaar would make a quarterly profit of Dhs1.42bn, while SICO Bahrain estimated Dhs1.15bn. Residential prices in Dubai have been declining since hitting a peak in 2014 due to excess supply and muted appetite for new sales. Savills has said Dubai’s residential real estate prices could fall by 5 to 10 per cent this year due to new supply, a strong dollar and lower oil prices. Dubai’s Damac Properties, owner and operator of the only Trump-branded golf club in the Middle East, reported an 87 per cent fall in fourth quarter profit earlier on Thursday. 0 Comments