Emaar Properties, the developer behind the Burj Dubai, posted a Dh1.76 billion (US$479 million) loss in the fourth quarter of last year as the Dubai property market slowed and the firm’s foray into the US market was hit by a recession.
Its most significant loss came from investments in John Laing Homes, one of the largest home builders in the US.
Mohammed Ali Alabbar, the chairman of Emaar, said the company would focus on completing projects this year and suspend all new projects to assist in reducing supply to meet the new market conditions.
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