By Andrew White and Soren Billing
UPDATE 1: UAE's largest developer says real estate outlook upbeat.
swung to a net profit of AED655m ($178m) in Q3 and said there were clear signs that real estate prices were rising in some of its developments.
The UAE's largest property developer by market value made a loss of AED1.29bn in Q2 after it decided to write off the entire value of its US housing unit, John Laing Homes.
The company said the increase in profitability was due to higher margins relating to Alma townhomes in Dubai's Arabian Ranches development handed over during Q3.
“Today, there are clear signals of real estate prices gaining momentum in premium areas such as Downtown Burj Dubai, our flagship mega-project, which is today Dubai’s definitive new lifestyle destination," said chairman Mohamed Alabbar.
“Led by the far-sighted initiatives of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, the city remains on track for sustained growth, despite the impact of the global financial crisis, which will further boost the property sector.”
said the proposed consolidation of the company with the real estate businesses of Dubai Holding was "progressing" and that its focus during the first nine months of the year had been on completing announced projects and strengthening customer relationships.
Q3 revenue came in at AED1.95bn, compared to AED1.94bn in the previous quarter.
is developing Burj Dubai, the world's tallest building and free-standing structure, and last year opened the Dubai Mall, one of the world’s largest shopping and entertainment destination.
In Saudi Arabia, the company's affiliate,
Emaar The Economic City
, is developing King Abdullah Economic City, the region's largest private sector-led project, featuring a Sea Port, Central Business District, Industrial Zone, Educational Zone, Residential Communities and Resort District.
Ok my comment is.....no comment
It is a disgrace to be making these kind of announcements when thay have not paid their Contractors/Sub-contractors for 12-18months, shame on you EMAAR. And yes I'm one of the unpaid ones.
I haven't been paid either. First pay your sub-contractors and then show off your profits to the Media. Its been 7 months now & I'm still waiting for my cheque.