Emaar 'focused on progressing at great speed': Mohamed Alabbar 

Company set to deliver more than 6,000 homes in 2021 

  
Mohamed Alabbar, founder of Emaar Properties and Emaar Development, speaks during the opening of the "Erbil Downtown" project in Arbil, the capital of Iraq's autonomous Kurdistan region, October 27, 2013. Image for illustrative purposes.

Mohamed Alabbar, founder of Emaar Properties and Emaar Development, speaks during the opening of the "Erbil Downtown" project in Arbil, the capital of Iraq's autonomous Kurdistan region, October 27, 2013. Image for illustrative purposes.

REUTERS/Azad Lashkari/File Photo

Emaar Development is expected to increase the delivery of new properties, with more than 6,000 units scheduled for completion this year, surpassing last year’s handovers. 

The property developer, which posted a 57.79 percent decline in profits for 2020, delivered 4,800 homes last year across a number of locations, a statement said on Sunday. The company’s property sales also reached 6.308 billion ($1.717 billion) for the same year. 

“Despite the challenges of the pandemic, we remained focused on progressing at great speed with all of our projects during 2020. The progress underlines Emaar Development’s commitment to delivering the highest of quality homes on time to our customers,” said Mohamed Alabbar, founder of Emaar Properties and Emaar Development. 

Alabbar hailed the company’s results as “strong” despite a decline in profit, saying that the numbers showed the company’s ability to move quickly and adapt to changing business conditions.  

Net profit 

In a statement to the Dubai Financial Market (DFM), Emaar reported a 2020 net profit of  2.62 billion dirhams ($713 million), down from 6.2 billion dirhams in 2019. 

“Our performance in 2020 is a direct result of our ability to move quickly, adapt to new business conditions and utilise our existing resources to access new opportunities,” said Alabbar. 

“We continue to embrace technology to help grow our business, while at the same time closely adhering to the cost discipline that helps us achieve better results in each quarter.” 

Alabbar said the company foresaw ‘a world of opportunities’ in 2021, both traditional and technology driven, that would help Emaar grow in markets that had not existed five to 10 years ago. 

Emaar Malls, for its part, reported a profit of 703 million dirhams for 2020, down from 2.28 billion dirhams in 2019. 

The company said last week that mall occupancy was resilient despite the COVID-19 pandemic. 

(Writing by Imogen Lillywhite; editing by Cleofe Maceda) 

Imogen.Lillywhite@refinitiv.com 

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