Emaar Properties says will cut 2017 costs by 20%

Chairman of giant Dubai developer to focus on bringing down expenses
Emaar Properties says will cut 2017 costs by 20%
By Reuters
Tue 25 Oct 2016 12:24 PM

Dubai's largest listed developer Emaar Properties expects a 20 percent reduction in costs in 2017, Chairman Mohamed Alabbar said on Tuesday, citing its latest budget.

"My business has so much cost, from construction, to staffing, to transport, to chairman expenses. We have a lot of lines," Alabbar told reporters at a conference in Dubai.

He declined to provide further details.

At the end of July, Emaar reported an 8 percent rise in second-quarter net profit as revenue advanced.

The developer, in which Dubai's government owns a minority stake, made a net profit of 1.27 billion dirhams ($345.8 million) in the three months to June 30, it said in a statement.

That compares with a profit of 1.18 billion dirhams in the year-earlier period.

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