Profit at Dubai real estate giant Emaar Properties is up 20% on the back of strong housing sales during the third quarter of 2019.
Mohamed Alabbar, chairman of Emaar Properties, credited the results to staff “working night and day” for its customers amid a slowdown in the local realty market.
Net profit between July and September 2019 increased by a fifth year-on-year to $362m (AED 1.3bn), compared to $302m (AED 1.1bn) in Q3 2018.
Sales increased by a quarter to $3.4bn (AED12.6bn) compared to the same period a year earlier.
Emaar Development launched 19 new projects in Dubai during the first nine months of 2019 and seven in 10 units have already sold-out. With real estate sales contusing to rise, the Burj Khalifa developer is unlikely to pause its property expansion.
In the last year alone, the real estate giant launched new projects in Arabian Ranches III, Emaar Beachfront and Dubai Hills. It also entered into a joint venture for a $7bn (AED25bn) master-planned development called The Valley on the Dubai-Al Ain Road.
In October, the developer opened its sixth Address-branded hotel with the Address Fountain Views in Downtown Dubai. The project included a team consisting of Dewan Architects + Engineers, DP Architects and Atkins.
Meanwhile, the developer also named UK-based practice Of.Studio the winner of its design competition to create an outdoor architecture feature for Dubai Creek Harbour.