By: Mahmoud Gamal
Dubai – Mubasher: The real estate companies listed on both the Dubai Financial Market (DFM) and the Abu Dhabi Securities Exchange (ADX) reported unexpectedly high profits during the full-year 2017.
These profits were made on the back of higher sales volume, the development of new projects, and the improvement in oil prices, analysts told Mubasher.
The UAE-based real estate companies generated AED 12.23 billion in profits, compared to the expected AED 7.3 billion, Mubasher’s data showed.
The positive performance of the Emirati real estate firms can be attributed to the reduction of costs and the maxmisation of profits, analysts commented.
The persistence of the strong performance of the UAE’s developers during the fourth quarter of 2017 was ascribed to the growth in Emaar Properties's profits, and the profits of its subsidiaries, MindCraft Consultants’ CEO Fadi Al-Ghattis stated.
The DFM- and ADX-listed property firms’ revenues were boosted by the strength and resilience of the national economy, the financial analyst at Mena Corp Issam Kassabieh concluded.
Translated by: Muhammad Khalid
