Emaar Properties has established a new team of senior consultants and managers to develop a five-year action plan for the firm.

The Dubai real estate giant and developer of the Burj Khalifa said in a statement yesterday that the team would be responsible for the “roll-out of a five-year corporate strategic action plan for long-term value creation”.

The change in strategy comes after Emaar posted a sharp fall in first quarter profits as the number of finished units it handed over declined.

Mohamed Alabbar, Emaar’s chairman said the “five-year corporate strategy is aimed at creating a robust model of growth that will enable the company to push beyond its current markets and businesses, develop new and recurring revenue streams”.