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    EMAARDEV   AEE001901017

EMAAR DEVELOPMENT PJSC

(EMAARDEV)
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Emaar Development : Dubai's biggest developer Emaar halts new construction work, chairman says

12/07/2020 | 06:34am EDT

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 oversupplied.

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 projects.

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 Edmund Blair)


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
EMAAR DEVELOPMENT PJSC -0.51% 3.88 End-of-day quote.41.09%
EMAAR PROPERTIES PJSC -0.25% 4.07 End-of-day quote.15.30%
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Financials
Sales 2021 14 213 M 3 870 M 3 870 M
Net income 2021 2 800 M 762 M 762 M
Net Debt 2021 314 M 85,6 M 85,6 M
P/E ratio 2021 5,46x
Yield 2021 7,73%
Capitalization 15 520 M 4 225 M 4 226 M
EV / Sales 2021 1,11x
EV / Sales 2022 1,21x
Nbr of Employees -
Free-Float 21,0%
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Number of Analysts 9
Last Close Price 3,88 AED
Average target price 4,30 AED
Spread / Average Target 10,7%
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Managers and Directors
Bader Saeed Hareb Chief Executive Officer
Sunil Grover Chief Financial Officer
Mohammed bin Ali Rashed Al-Abbar Chairman
Aisha Butti bin Humaid bin Bishr Vice Chairman
Abdulla Mohammed Abdulla Mohammed Al Awar Independent Non-Executive Director