Emaar Properties made $1.8bn in 2017, says Alabbar

Chairman expressed concern about what 2019 might hold
Emaar Properties made $1.8bn in 2017, says Alabbar
Emaar Properties chairman Mohamed Alabbar
By Reuters
Thu 08 Feb 2018 03:56 PM

Emaar Properties made $1.8 billion in profit and close to $5 billion in sales in 2017, the chairman of Dubai's largest listed developer said ahead of its full year results.

The developer of the more than 160-storey Burj Khalifa, the world's tallest tower, made $1.43 billion in 2016 and reported $3.92 billion in Dubai property sales.

"We've been growing about 20 to 25 percent on an annual basis," chairman Mohamed Alabbar said late on Wednesday at a conference in Abu Dhabi.

Emaar, in which the Dubai government owns a minority stake, reported double digit quarterly sales growth in each of the first three quarters of 2017.

Alabbar said that a lot of infrastructure was still required in markets Emaar is operating in, including Saudi Arabia, the UAE, Turkey, and Egypt, and that he looking at the market positively.

However, he also said that he was worried about 2019.

"We had a good time for too long," Alabbar said.

He later told CNBC, "I'm just careful about what is 2019. I'm just worried that we've been having a good time for too long.

"So I just hope that 2019 goes well … So make sure your balance sheet and debt level is at reasonable levels, so if there's a shake-up you can handle it."

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