The boss of Dubai’s Emaar Properties has announced that the developer is set to “tighten its belt” next year as the emirate’s property market continues to stabilise, it was reported on Wednesday.
Bloomberg quoted company chairman Mohamed Alabbar as saying that Dubai’s real estate market will see a “rebalancing” between supply and demand into next year.
He said at a conference in Abu Dhabi that the company expects growth next year despite falling prices in Dubai, adding that India and Egypt would be targeted for expansion.
Emaar is one of a number of Dubai property giants who are heading to Mumbai, India, for the second edition of Dubai Property Show this week as they seek to attract growing numbers of Indian investors.
Alabbar was quoted as saying that Emaar is “tightening its belt” in 2017.
“It’s good to be realistic and get ready for a challenging year while pushing hard,” he said.
Last month, Emaar Properties, builder of Burj Khalifa, the world’s tallest tower, reported a 36 percent increase in third-quarter net profit as revenue rose.
The developer, in which Dubai’s government owns a minority stake, made a net profit of 1.15 billion dirhams ($313.1 million) in the three months to September 30.
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