Emaar

Dubai-based Emaar Properties, the region’s largest real estate development company, today revealed that property sales in the first quarter of this year fell by 79.65 per cent compared with the same period last year, pushing the company’s net profits down 45 per cent.

Mohammed Ali Alabbar, chairman of Dubai real estate mammoth Emaar, has adopted a lower profile within the emirate during the past couple of years.

Mohamed Alabbar is not planning to step down from his role as chairman of property firm Emaar, despite spending an increasing amount of time on a private mining company.

Emaar Properties PJSC rose and Dubai Financial Market PJSC fell.

The Dubai Mall, one of the world’s biggest shopping centres, saw footfall increase last year by around 27 percent over 2009, despite the economic crisis.

Emaar Properties PJSC (EMAAR), the builder of the world’s tallest tower in Dubai, reported a 45 percent decline in first-quarter profit, missing analyst estimates, as it delivered fewer units in Burj Khalifa.

Both residential developments are popular among expatriates and have their own fan base, say experts. Arabian Ranches and Springs, both popular residential communities developed by Emaar, are neck and neck when it comes to preference among the expat community.

Emaar’s surprise move to issue a 10 percent dividend in 2011 is likely to increase pressure on the firm to offer similar pay-outs in the coming years, analysts have said.

Emaar Properties was an early gainer on the Dubai market as traders took advantage of the last day they are entitled to a dividend payout.

Emaar Properties, builder of the world’s largest tower Burj Khalifa, said on Monday that it is approving a 10 per cent cash dividend for 2010. Emaar’s board had originally planned to withold a dividend for the past year, but at a shareholders’ meeting on Monday, Emaar Chairman Mohammed Alabbar agreed to a 10 per cent dividend.