Emaar Profit Wobble Shows No One Safe From Dubai Property Slide
- Most Dubai developers saw earnings plunge in third quarter
- Slump seen lasting beyond Dubai’s Expo 2020 as reality sets in
This article is for subscribers only.
Emaar Properties PSJC reported the lowest quarterly profit in almost three years, showing that Dubai’s lengthening real estate slump is starting to weigh down even its most resilient builders.
Emaar, which built the world’s tallest tower in the Persian Gulf emirate, said third-quarter profit dropped by 29 percent, missing estimates. That follows earnings slumps and losses at competitors amid signs that the slowdown may continue for years longer than anyone had predicted.