Original Source: ArabianBusiness
Emaar boss Mohamed Alabbar on Thursday expressed optimism about real estate market conditions in 2021, saying project delivery timeframes would not be delayed despite the impact of the coronavirus pandemic.
Alabbar said Emaar Development remained committed to home deliveries, adding: “We are working diligently to continue to go above and beyond expectations.”
Alabbar, founder, Emaar Properties, was speaking after Emaar Development held its annual general meeting in Dubai on Thursday.
“Emaar Development remains committed to its projects’ delivery timeframes… Thanks to the strength and commitment of our shareholders, management, and staff we have continued to remain profitable despite the global challenges,” he said in a statement.
“We are optimistic that 2021 will see market conditions continue to gradually improve, and Emaar Development is dedicated to driving its key projects at optimal speed through digital innovation and by continually adopting future-forward concepts to deliver world-class developments,” Alabbar added.
At the AGM, the report by the board of directors on the activities and financial position of the company and the auditor’s report were also approved.
Emaar Development reported property sales of AED6.3 billion ($1.7 billion) and with a net profit of AED1.7 billion for 2020.
The company said it continued to maintain a healthy sales backlog of AED24.6 billion to be recognised in the coming years.
Emaar Development delivered approximately 4,800 residential units in 2020 across prime locations, including Dubai Hills Estate, Dubai Creek Harbour, Downtown Dubai, Arabian Ranches and Emaar South.
As of December 2020, Emaar has delivered more than 47,000 residential units, with over 26,000 residences currently under development in the UAE.
The company said it is expected to deliver over 6,000 residential units in 2021 across Dubai Creek Harbour, Dubai Hills Estate and Downtown Dubai.