Dubai-based property developer, Emaar Properties, reported $1.8bn net profit in 2017 and close to $5bn in sales in 2017, Mohamed Alabbar, chairman of the listed company said.
The figure is an increase on the $1.43bn profits reported in 2016.
In an interview with CNBC at the Milken Institute MENA Summit in Abu Dhabi, Alabbar cautioned investors to remain prudent in the longer term. “I’m just careful about what is 2019. I’m just worried that we’ve been having a good time for too long. So I just hope that 2019 goes well
So make sure your balance sheet and debt level is at reasonable levels, so if there’s a shake-up you can handle it.”
In January 2018, the developer recorded AED1bn of sales from the launch of the first residences at its new beachfront scheme, Beach Vista. The project is a collection of residences to be launched for sale at the developers 93ha Emaar Beachfront scheme, which was unveiled in 2017 as part of the new Dubai Harbour project master-planned by the Dubai developer Meraas Holding.Beach Vista comprises a twin-tower development of 33 storeys and 26 storeys containing 375 one to four-bedroom apartments. Emaar Properties said all 375 residences have sold out.