{"id":10888,"date":"2016-04-19T01:27:34","date_gmt":"2016-04-18T18:27:34","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=10888"},"modified":"2016-04-18T23:33:46","modified_gmt":"2016-04-18T16:33:46","slug":"cautious-emaar-cuts-costs-despite-first-quarter-surprise","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cautious-emaar-cuts-costs-despite-first-quarter-surprise\/","title":{"rendered":"Cautious Emaar cuts costs despite first quarter 'surprise'"},"content":{"rendered":"


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\nEmaar Properties has embarked on a cost-cutting drive to meet more challenging market conditions.Speaking to reporters after the company’s annual general meeting in Dubai yesterday, the chairman Mohamed Alabbar said that it had “severely” cut costs, but maintained that this was not because of its performance.”We are really scared of 2016,” he said. “If you look at our cost budget, it went back two years. So we went to a cost budget base of two years ago just to be cautious.”
\nDespite this, he said that he had been “pleasantly surprised” by the company’s sales activity during the first quarter.”We’re still cautious about 2016\/17, but maybe we are too cautious and too careful.”I would say the first quarter was good for us. But I will tell you that we are working so much harder than before.”Mr Alabbar said that it was unlikely that the anticipated flotation of its hospitality business would take place this year.
\n“You know the market – I don’t think it’s the time now.”We are not rushing because we want to cash something out. We want to do genuine business. When the time is right, the time is right.”Last week, Emaar said it was ending its joint venture with India’s MGF.Mr Alabbar yesterday said that the company “is just starting” the process of demerging its Indian business from its joint venture partner and building its own operations in the country.
\n“I believe in India. Is it easy to do business in India? I don’t think it’s easy to do business anywhere. But we will have to move on, carry our own flag and put in our own people. Every time you have to move out of your own territory, it’s always difficult but we’ve been in India for eight years. We know it quite well.”A dividend payment of 15 per cent – or Dh1 billion – was approved by shareholders yesterday after a successful trading period last year, as net operating profit grew by 18 per cent to Dh4.4bn and revenue climbed by 33 per cent to Dh13.7bn.
\nThe growth was mainly a result of a 39 per cent increase in revenue at its UAE property-development business.Earlier this week, the consulting firm ValuStrat said its price index (VPI) that logs residential values in 16 apartment and 10 villa communities across Dubai recorded a 3.5 per cent decline over the past 12 months, but had actually risen slightly in February and March, showing an improvement for the first time in two years.
\nHowever, Phidar Advisory reported a 2.2 per cent drop in demand during the first quarter, with apartment prices falling by 1.9 per cent and villa prices softening by 1.6 per cent.Emaar’s shares are more than 15 per cent higher that they were at the start of this year.mfahy@thenational.aeFollow The National’s Business section on Twitter
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\nSource : thenational.ae
\nRead more…Cautious Emaar cuts costs despite first quarter ‘surprise’<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Emaar Properties has embarked on a cost-cutting drive to meet more challenging market conditions.Speaking...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-10888","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-2PC","jetpack-related-posts":[{"id":25075,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/emaar-partners-with-dubai-south-for-new-development-near-al-maktoum-airport\/","url_meta":{"origin":10888,"position":0},"title":"Emaar partners with Dubai South for new development near Al Maktoum airport","date":"September 5, 2016","format":false,"excerpt":"\r Emaar Properties and Dubai South are partnering to build Emaar South, a new 7-square-kilometre development near Al Maktoum International Airport, which will be financed by a mix of equity, debt and pre-sales, officials said.Mohamed Alabbar, the chairman of Emaar Properties, and Khalifa Al Zaffin, the executive chairman of Dubai\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":46869,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/emaar-chairman-hopes-for-better-year-after-tough-2016-for-dubai-developer\/","url_meta":{"origin":10888,"position":1},"title":"Emaar chairman hopes for better year after tough 2016 for Dubai developer","date":"March 6, 2017","format":false,"excerpt":"\r Mohamed Alabbar, chairman of Dubai's largest listed real estate developer, Emaar Properties, said on Monday he was hoping for a better year after a tough 2016.The Arabian Gulf construction sector has slowed since mid-2014 after the slump in global oil prices forced governments to rein in spending.\"We hope 2017\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":163273,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/emaar-founder-mohamed-alabbar-reveals-top-uae-business-and-startup-lessons\/","url_meta":{"origin":10888,"position":2},"title":"Emaar founder Mohamed Alabbar reveals top UAE business and startup lessons","date":"October 24, 2025","format":false,"excerpt":"\r Emaar founder Mohamed Alabbar shared his top lessons on discipline, honesty, and why UAE entrepreneurs should focus on manufacturing The post Emaar founder Mohamed Alabbar reveals top UAE business and startup lessons appeared first on Arabian Business: Latest News on the Middle East, Real Estate, Finance, and More.\r \r\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2025\/10\/Emaar-Mohamed-Alabbar-UAE-business-startup-manufacturing-1000x667-1.jpg?fit=1000%2C667&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":170836,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/alabbar-praises-dubais-resilience-as-emaar-expects-strong-growth-to-continue\/","url_meta":{"origin":10888,"position":3},"title":"Alabbar praises Dubai\u2019s resilience as Emaar expects strong growth to continue","date":"March 5, 2026","format":false,"excerpt":"\r All Emaar communities, malls, hospitality assets, and development projects continue to operate normally; 118% rise in sales in first two months of 2026 The post Alabbar praises Dubai\u2019s resilience as Emaar expects strong growth to continue appeared first on Arabian Business: Latest News on the Middle East, Real Estate,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":106458,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/emaar-built-to-handle-quiet-days-in-dubai-property-market-says-alabbar\/","url_meta":{"origin":10888,"position":4},"title":"Emaar built to handle 'quiet days' in Dubai property market, says Alabbar","date":"April 22, 2019","format":false,"excerpt":"\r Cities like Dubai will not 'disappear' because of challenges, but companies should 'work harder, smarter', according to chairman Mohamed Alabbar\r \r Source : arabianbusiness.com\r Read more...Emaar built to handle 'quiet days' in Dubai property market, says Alabbar","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":31746,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/emaar-chief-alabbar-to-set-up-jv-with-chinese-contractor\/","url_meta":{"origin":10888,"position":5},"title":"Emaar chief Alabbar to set up JV with Chinese contractor","date":"October 26, 2016","format":false,"excerpt":"\r Dubai developer says new joint venture company will be capable of building 30 storeys of a property in 30 days\r \r Source : arabianbusiness.com\r Read more...Emaar chief Alabbar to set up JV with Chinese contractor","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/10888"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=10888"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/10888\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=10888"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=10888"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=10888"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}