The Dubai-listed developer Emaar Properties forecasts a 20% reduction in costs next year, according to press reports.
That is the expectation of Mohamed Alabbar, Emaar’s Chairman, who was citing the developer’s latest budget, the Reuters news agency reported.
“My business has so much cost, from construction, to staffing, to transport, to chairman expenses. We have a lot of lines,” Alabbar is reported as saying, without giving further details.
The developer earlier this year reported 8% higher net profits for the second quarter of 2016, when the developer made AED 1.270 billion ($346 million), compared to AED 1.179 billion last year.