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Emaar earnings to surge on property handover

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Emaar earnings to surge on property handover - Emaar Properties - developer - Dubai - UAE


Dubai's Emaar Properties remains a lone bright spot in a gloomy outlook for UAE developers, but woes are set to continue for Abu Dhabi's Aldar Properties with an expected third-quarter loss.



Real estate firms across the Gulf state have been hit hard by the global financial crisis and the pain is set to continue for most listed firms in Dubai and Abu Dhabi, likely reflected in quarterly earnings to be released later in October.

A recovery in Dubai's property sector is still some three to five years away, despite a confidence boost from the restructuring of conglomerate Dubai World and Dubai's recent return to international debt markets, Marwan Shehadeh, group director of corporate development at UAE conglomerate Al Futtaim Group, said.

Most analysts expect Emaar to increase earnings in the third quarter, boosted by the handover of properties at Burj Khalifa, the world's tallest tower.


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