Dubai’s construction giant Arabtec posts losses over slowing real estate sector – ZAWYA

Dubai’s construction giant Arabtec posts losses over slowing real estate sector – ZAWYA

Dubai's construction giant Arabtec posts losses over slowing real estate sector. Dubai's Arabtec Holding , the largest construction group in the Middle East, has reported a 774 million dirhams ($210,73 million) net loss in 2019, from a net profit of 256 million dirhams in 2018, due to a slowdown in the real estate market.. A Cavendish Maxwell report revealed that average apartment prices in Dubai declined by 15 percent from Q4 2018 to Q4 2019 and villa/townhouse prices were 18 percent lower.. Damac Properties posted a 36.9 billion dirhams net loss while Union Properties recorded a 218.8 million dirhams loss and Emaar Properties posted a 1 percent growth in net profit to 6.2 billion dirhams.. The company's revenue stood at 7.785 billion dirhams in 2019, a 21 percent drop from the 9.853 billion dirhams reached in 2018..