Emaar founder sees 'world of opportunities' despite $1bn drop in profits - Arabianbusiness

Emaar founder sees 'world of opportunities' despite $1bn drop in profits - Arabianbusiness

The founder of Dubai-based giant Emaar Properties, Mohamed Alabbar, has said there are a “world of opportunities” in 2021, despite seeing year-on-year profits drop by almost $1 billion.

The master developer behind the Burj Khalifa reported a net profit of $712m for 2020, down 58 percent from the $1.7bn announced 12 months previously; while revenues dropped almost 20 percent, from $6.7bn in 2019 to $5.366bn.

Emaar’s financial results were revealed on the same day that fellow Dubai-based developer Damac announced losses of over $272m for 2020, blamed largely on the impact of the global coronavirus pandemic.

Alabbar said: “Our performance in 2020 is a direct result of our ability to move quickly, adapt to new business conditions and utilise our existing resources to access new opportunities. We continue to embrace technology to help grow our business, while at the same time closely adhere to the cost discipline that helps us achieve better results in each quarter.”