Dubai's Emaar Properties receives $11.09bln from backlogs

This amount will be registered as revenues over the upcoming year

  
A man stands at the stock market, in Dubai, United Arab Emirates, November 5, 2020. \

A man stands at the stock market, in Dubai, United Arab Emirates, November 5, 2020. \

REUTERS/Abdel Hadi Ramahi
Dubai – Emaar Properties has received AED 40.758 billion ($11.097 billion) from the sales of backlogs, the company's CEO, Amit Jain, announced on Wednesday.

Jain referred that this amount will be registered as revenues over the upcoming years, driven by the procedures taken by the company to control its operating expenses and face risks.

It is noteworthy to mention that in the first nine months of 2020, the company's net profits declined by 48% to AED 2.44 billion, compared to AED 4.65 billion in the same period of 2019.

Source: Mubasher

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