Dubai, United Arab Emirates (CNN) – Emirati real estate company, Emaar, announced that its profits have declined on an annual basis by about 58%, to reach $ 712 million in 2020, compared to $ 1.7 billion in 2019.
The largest real estate developer in Dubai, listed on the Dubai Financial Market, has also announced that its revenues have decreased by about 20% from $ 6.7 billion in 2019 to $ 5.3 billion in 2020.
“Our performance in 2020 is a direct result of our ability to move quickly, adapt to new working conditions and use resources,” said Emaar founder Muhammad al-Abbar, who stepped down as chairman in mid-December to devote himself instead to following the company’s day-to-day affairs. Current access to new opportunities. “
He added that, looking forward to 2021, he sees “a world full of opportunities, both traditional and technology, that will help us grow in ways and in markets that did not exist 5 or 10 years ago.”
In 2020, which witnessed the outbreak of the Corona pandemic and the suspension of many businesses globally, Emaar recorded total real estate sales amounting to $ 2.9 billion, while the total accumulated sales of the company’s in-progress projects reached $ 9.9 billion, as its revenues will be calculated in years. Coming.
Emaar is currently developing more than 26,000 housing units in the United Arab Emirates, as well as 12,000 housing units in the international market.
It is noteworthy that the company had announced last December that it had stopped new construction work after a construction boom in recent years had increased supply in the city.