#Dubai's Emaar reports nine-month profit almost cut in half | Reuters

Dubai's Emaar reports nine-month profit almost cut in half | Reuters

Dubai’s largest listed developer Emaar Properties reported on Wednesday a near halving in profit for the first nine months of the year, while its chairman said he was “cautiously optimistic” about the rest of the year.

The coronavirus crisis has put further pressure on Dubai’s already weakened property market that for years has seen supply outstrip demand for new houses and apartments.

Emaar, which counts Dubai’s state fund as a major shareholder, saw profit fall 48% in the January-September period to 2.44 billion dirhams ($664 million), it said in a statement.

Nine-month revenue fell 26% to 13.4 billion dirhams.