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Union Properties returns to profits with Dh62.33 million net profit in 2018

Union Properties, the UAE real estate developer with a 30-year track record of delivering iconic residential developments, reported a net profit of Dh62.33 million for 2018, marking a 19 percent increase in the company’s annual income over 2017, when the company registered a loss of Dh2.37 billion. Meanwhile, shareholder equity surged by Dh452 million compared to 2017.


GCC projects market slumps 22% to Dh356 billion in 2018

The value of projects awarded in the GCC last year fell by 22 percent to a new low of just $97 billion (Dh356 billion) according to the latest data from MEED Projects, the region’s leading projects tracking service


Wasl Properties leases 90% of its Wasl Crystal

Wasl Properties, a subsidiary of Wasl Asset Management Group, announced the leasing of 90 percent of its units at its Wasl Crystal buildings in Al Quoz within three months. This is a testament to the facilities and consistent quality of living that was is offering tenants in the area.


Emaar Properties reports 30% increase in FY 2018 net profit to Dh7.21 billion

Emaar Properties has reported a net profit of Dh7.21 billion (US$1.96 billion) in 2018, a 30 percent increase over the net profit of Dh5.56 billion (US$1.51 billion) recorded in 2017, prior to considering the effect of the IPO of Emaar Development and forex movement. Revenue in 2018 was Dh25.69 billion (US$6.99 billion), a growth of 37 percent over FY 2017 revenue of Dh18.75 billion (US$5.10 billion).


Damac Properties net profit falls 55% to Dh1.2 billion in 2018

Damac Properties’ net profits plunged 55.55 percent to Dh1.2 billion in 2018, falling from Dh2.7 billion in 2017. The developer’s revenue also declined 17.56 percent to Dh6.1 billion last year, down from Dh7.4 billion in 2017.


Emaar Development records 42% growth in net profit to Dh3.90 billion in 2018

Emaar Development, the UAE build-to-sell property development business majority-owned by Emaar Properties, said, it recorded a 42 per cent growth in net profit to Dh3.90 billion (US$1.06 billion) during 2018, compared to the net profit of Dh2.74 billion (US$747 million) recorded in 2017.


Danube Properties and Johnson Controls announce partnership for smart, energy-efficient and sustainable development

Dubai-based Danube Properties today announces its alliance with Johnson Controls – a global leader in energy efficiency, smart and sustainable building technologies, as part of its mission and in line with the UAE Government’s vision to deliver energy efficient, green, smart and sustainable development.


Gemini Property Developers in finals for upcoming Gulf Real Estate Awards

Gemini Property Developers, a Dubai-based boutique real estate developer, today announced being short-listed to finals for upcoming Gulf Real Estate Awards. The finalist stage is the last phase before announcing the winners. Strong case brings Gemini up amongst 120 contesting real estate companies from the Gulf region.


Emaar Malls records 7% growth in net profits to Dh2.23 billion in 2018

Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties, recorded a 7 percent growth in full-year 2018 net profit of Dh2.23 billion (US$607million) over the FY 2017 net profit of Dh2.08 billion ($568 million). Full-year revenue for 2018 grew 23 percent to Dh4.44 billion ($1.21 billion), compare to FY 2017 revenue of Dh3.62 billion (US$988 million).


Blueground raises US$20m in funding Dubai, UAE

Blueground, the hospitality-tech company that is transforming the experience of big city living, has announced that it has completed a new funding of US$12 million (approximately Dh44 million) from a group of renowned global investors, including Dubai-based Jabbar Internet Group, VentureFriends, and Endeavor Catalyst.