Shares in the Dubai real estate giant Emaar fell sharply yesterday on news of a 44 per cent slump in first quarter profits to $114 million with delivery of apartments and villas crashing from 1,300 in the same period a year ago to 270.
The news came a week after Emaar chairman Mohamed Alabbar revealed that he has been spending most of his time creating a privately-owned commodities conglomerate, largely in Africa. Emaar shareholders are hardly going to be impressed.
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