DUBAI, Dec 7 (Reuters) - Dubai largest listed developer
Emaar Properties has halted new building work after a
construction boom in recent years led to oversupply in the Gulf
city, its chairman said on Monday.
Dubai's real estate market, where supply has outstripped
demand for much of the past decade, has come under additional
pressure this year from the coronavirus crisis.
"We as a group have stopped supply," Chairman Mohamed
Alabbar told a United Arab Emirates-Israel conference in Dubai,
adding that demand was improving but the market remained
It was not immediately clear when Emaar, which counts
Dubai's state fund as a major shareholder, had ceased new
building work, although sources had told Reuters in April that
Emaar had suspended work on major new projects.
Alabbar did not say when the firm would resume construction
Emaar developed some of Dubai's most popular and expensive
neighbourhoods and major projects such as the world's tallest
tower, the Burj Khalifa.
(Reporting by Alexander Cornwell and Saeed Azhar; Editing by