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Dubai's Emaar Properties posts $1.8bn profit in 2017

Company chairman Mohamed Alabbar added that the firm recorded almost $5bn in sales in 2017

Mohamed Alabbar, chairman, Emaar Properties.
Mohamed Alabbar, chairman, Emaar Properties.

Dubai-headquartered property developer, Emaar Properties, recorded $1.8bn (AED6.6bn) in profit last year. 

Company chairman Mohamed Alabbar added that the firm recorded almost $5bn (AED18.4bn) in sales in 2017. 

Emaar's 2017 profit is significantly higher than corresponding 2016 figures, when the company recorded $1.4bn (AED5.2bn) in net profit for 2016, 28% higher than 2015's $1.1bn (AED4.08bn).

Alabbar said that the company had "been growing about 20% to 25% on an annual basis", adding that additional infrastructure was required in Emaar's key markets, such as Saudi Arabia, the UAE, Turkey, and Egypt. 

READ: Arabtec unit joins TAV for $68m MEP works at Emaar's Opera District

While he expressed optimism about the market, Alabbar said that he was "worried about 2019". 

"We had a good time for too long," he said, according to an Arabian Business report, citing Reuters

"I'm just careful about what is 2019. I'm just worried that we've been having a good time for too long," Alabbar later told CNBC

"So I just hope that 2019 goes well [...] make sure your balance sheet and debt level is at reasonable levels, so if there's a shake-up you can handle it." 

Among Emaar's latest contract awards are agreements that it signed with contractor ASGC for two projects in Cairo. 

READ: ASGC scoops two contract awards for Emaar projects in Egypt

This November, ASGC revealed that it had been chosen as the main contractor for Emaar Misr’s Levana and Crescent projects, both to be developed in Egypt’s capital city.

Emaar Misr is a fully owned subsidiary of Dubai's Emaar Properties. 

More recently, a contract was awarded to implement mechanical, electrical, and plumbing (MEP) works for a project within Emaar Properties' Opera District. 

This January, Arabtec Holding's wholly owned subsidiary, Emirates Falcon Electromechanical Co (EFECO) entered a contract with TAV Tepe Akfen Construction for the $68m (AED250m) MEP project.

The contract will see the delivery of MEP works for Towers A2 and A3 Opera District's Plot A.

In addition to the towers, a common basement within Plot A is included in the contract.

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Construction Week - Issue 749
Sep 15, 2019