Emaar Properties, the developer of the world’s tallest tower, Burj Khalifa, has achieved USD 1.8 bn in profit and close to USD 5 bn in sales in 2017, according to the company’s Chairman, Mohamed Alabbar.
The developer, in which the Dubai government owns a minority stake, made USD 1.43 bn in profit and USD 3.92 bn in Dubai property sales in 2016. Also, Emaar’s sales achieved double digit growth quarterly in each of the first three quarters of 2017.
“We’ve been growing about 20 to 25% on an annual basis,” Alabbar said
Although he claimed that a lot of infrastructure was still missing in markets in which Emaar is operating, including Saudi Arabia, the United Arab Emirates, Turkey, and Egypt, he expressed his worries about 2019 without elaborating.
“We had a good time for too long,” he added.