São Paulo – The aggregate profits of the 13 listed companies of UAE real estate sector climbed 29.4% in the year’s first quarter, according to a news report by the Emirates News Agency (WAM), the UAE official news outlet.
Profits totaled AED 4.35 billion (USD 1.18 billion) in 2018’s Q1, against AED 3.36 billion (USD 914 million) in the same period of 2017.
According to WAM, the sharp increase in the real estate companies’ profit beat the expectations of industry analysts. The news agency reports that the real estate sector led the market in dividend distribution in this year’s Q1, thanks to a growing demand.
Emmar Properties led the way in profit growth among the sector’s companies. One of its arms, Emaar Development registered a 62% profit growth, going from AED 505 million (USD 137 million) in 2017’s Q1 to AED 819 million (USD 223 million) in the same months of this year.
Among other important companies in the UAE real estate sector, Aldar registered a profit of AED 667 million (USD 181.5 million), and RAK Properties posted profits of AED 25 million (USD 6.8 million) in this year’s Q1.
Translated by Sérgio Kakitani
