Emaar Properties, the largest listed developer in Dubai, has ‘stopped supply’, its chairman said during a discussion about oversupply in the real estate market.

“We as a group have stopped supply,” Mohamed Alabbar, Chairman of Emaar Properties, said during a UAE-Israel conference, taking place in parallel to the GITEX technology event this week.

It was not clear when the company ceased construction, but Reuters reported that sources stating that building on major new projects had stopped in April.

Emaar is well-known for its high profile, high-end developments, the most famous of which include The Dubai Mall, The Burj Khalifa, both in Downtown as well as the luxury villa community of Emirates Hills.

There was no indication from Alabbar when the firm would resume construction projects, Reuters reported.

(Writing by Imogen Lillywhite; editing by Daniel Luiz)

 imogen.lillywhite@refinitiv.com

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2020