Foreign investors, first time buyers boost Emaar's $1.7bn net profit - Arabianbusiness

Foreign investors, first time buyers boost Emaar's $1.7bn net profit - Arabianbusiness:

Emaar Properties on Wednesday reported net profit of AED6.2 billion ($1.7 billion) for 2019, up marginally from AED6.1 billion on the previous year.

The Dubai-based developer also recorded revenue of AED24.6 billion and property sales in Dubai of AED14.9 billion.

The company cited continued interest from foreign investors in both residential and commercial developments as well as new, first time home buyers entering the UAE property market as driving forces behind the performance.

Mohamed Alabbar, chairman of Emaar Properties, said: “Emaar’s performance in 2019 was resilient, maintaining growth within a challenging market. Emaar’s sales achievements in 2019 are a testament to the products and people behind these innovations. Each year we set the bar higher, raising expectations across the business to ensure Emaar maintains the level of excellence the brand is synonymous with.