Emaar Properties PJSC, the developer of the world’s tallest tower in Dubai, reported a 29 percent plunge in third-quarter profit.
That’s the company’s lowest profit it in 11 quarters, according to data compiled by Bloomberg.
Emaar joins other Dubai developers in reporting a decline in profit. Dubai’s real estate market, one of the main economic drivers of the United Arab Emirates, has been hard hit by the oil-price slump in 2014. Anxiety about the outlook for the property industry has weighed on real estate stocks amid concerns of oversupply. Emaar and Abu Dhabi’s Aldar Properties, the two largest property developers in the U.A.E. earlier this year joined forces to pursue local and international real estate projects worth $8.2 billion Emaar has hired Standard Chartered to sell assets worth as much as $1.4 billion, people with knowledge of the matter said in July. The company spun off its development unit last year and listed it on the stock market. Emaar Devt Third-Quarter Profit Drops 33%; Revenue Misses Ests
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