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Dubai property giant Emaar bucks downturn with profit bump

Dubai view

Dubai: Dubai construction and hospitality giant Emaar Properties on Sunday reported a rise in interim profit results, posting higher sales despite an economic downturn that has depressed the property industry. The company, which owns the world’s tallest tower, Burj Khalifa, said it posted $362 million in net profit in the third quarter, up 20 per cent…

Dubai Investments records Dhs459m net profits for first nine months

Dubai Frame

Total income at the end of Q3 2019 was recorded at Dhs2.12bn while total assets reached Dhs20.64bn Dubai Investments recorded net profit of Dhs459m for the period ending September 30, a statement said. The 2019 net profits observed a dip of 36 per cent, compared to Dhs724m for the same period last year.ADVERTISING Profits entailed…

UAE plans to loosen cap on bank lending to property industry

JLT Area Dubai

UAE banks can currently lend as much as 20 per cent of customer deposits to the property industry The United Arab Emirates’ central bank is working on new rules that will loosen the cap on bank lending to the struggling real-estate industry. UAE banks can currently lend as much as 20 per cent of customer…

New draft law calls for rent freeze for first three years in Dubai

Dubai Real Estate

The draft law would also forbid landlords and their agents from collecting fees for administrative costs A new draft rental law has proposed that apartment rents should be fixed for a period of three years, according to local media reports. According to the Arabic-language Emarat Al Youm newspaper, a newly proposed draft rental law also stipulates that…