Emaar's Mohamed Alabbar commits to delivering projects at 'optimal speed'

The subsidiary of Dubai's largest listed developer Emaar Properties is expected to deliver more than 6,000 residential units this year

  
File Image: Founder of Emaar Properties Mohamed Alabbar speaks during a news conference in Mumbai.

File Image: Founder of Emaar Properties Mohamed Alabbar speaks during a news conference in Mumbai.

REUTERS/Punit Paranjpe

Dubai real estate firm Emaar Development assured on Thursday that it will continue to progress at speed to deliver key projects despite the challenges posed by the coronavirus pandemic.

The subsidiary of Dubai’s largest listed developer Emaar Properties is expected to deliver more than 6,000 residential units this year across its masterplans, including Dubai Creek Harbour, Downtown Dubai, Arabian Ranches and Emaar South.

“We are optimistic that 2021 will see market conditions continue to gradually improve, and Emaar Development is dedicated to driving its key projects at optimal speed,” said Mohamed Alabbar, founder of Emaar Properties.

The statement comes after Emaar Development held its annual general meeting on Thursday. The company reported sales of 6.308 billion dirhams ($1.717 billion) and a net profit of 1.657 billion dirhams for 2020.

COVID-19 impact

The COVID-19 pandemic has disrupted the construction industry worldwide, leaving some developers to halt work on some ongoing developments and cancel new project launches.

Last year, Emaar Development delivered approximately 4,800 residential units across prime locations. As of December 2020, Emaar has delivered more than 47,000 residential units, with more than 26,000 residences currently under development in the UAE.

“Emaar Development remains committed to its projects’ delivery timeframes and we are working diligently to continue to go above and beyond expectations,” Alabbar said.

The company develops residential and commercial build-to-sell assets across the UAE. Its portfolio includes freehold master-planned communities like Emirates Living, Downtown Dubai, Dubai Marina and Arabian Ranches.

(Writing by Cleofe Maceda; editing by Seban Scaria)

Cleofe.maceda@refinitiv.com

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© ZAWYA 2021

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