Sunday, February 15, 2009

Dubai developer puts new projects on hold

Dubai developer Emaar has put construction of all new projects on hold.

The firm announced in its latest results that: "Emaar is concentrating on completing all the projects which have commenced construction and have put new projects/ launches on hold to assist in reducing the real estate property supply in Dubai."

Emaar blamed the "slowing down of the real estate market in Dubai resulting from the current state of the global financial climate" for the move.

The developer saw its annual net operating profit fall 15% on the previous year to ВЈ1.09bn during 2008.

Chairman Mohamed Alabbar said: “The primary focus of Emaar in the last quarter of the year was to mitigate the negative impact of the global financial crisis by facing up to the new economic realities and identifying innovative strategies to sustain businesses in an unprecedented downturn. We have placed emphasis on optimising resource use efficiency and maximising productivity, and will continue to build on our strategy of business segmentation and geographic expansion.”

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