(Adds details, background)
DUBAI, March 6 Mohamed Alabbar, chairman of
Dubai's largest listed real estate developer Emaar Properties
, said on Monday he was hoping for a better year after
a tough 2016.
The Gulf construction sector has slowed since mid-2014 after
the slump in global oil prices forced governments to rein in
"We hope 2017 will be a better year. 2016 was tough for us,"
Alabbar said speaking at an investment conference in Dubai.
Emaar Properties, which developed the world's tallest tower,
the Burj Khalifa, reported a 56 percent in the fourth-quarter
profit though that was partly because of an insurance payout
related to a hotel fire.
Its separately listed Emaar Malls subsidiary reported a 3.9
percent rise in fourth-quarter profit.
Emaar has a project backlog of $11.4 billion, Alabbar said,
down slightly from the $11.7 billion it said it had on Feb. 14.
This year will see the reopening of Emaar's landmark The
Address Downtown hotel in Dubai that was gutted by a fire on New
Years Eve 2015. Its latest Dubai hotel The Address Boulevard
opened this month.
Alabbar, who said he remains "cautiously optimistic" about
Dubai's property market in the coming years, has diversified his
interests in the past 12 months with investments in e-commerce,
technology and logistics firm Aramex.
Alabbar, a prominent billionaire from Dubai, is planning to
launch a Middle East e-commerce site called Noon with Saudi
Arabia's sovereign wealth fund the Public Investment Fund (PIF).
Noon missed its planned launch date of January. The company
has so far not commented publicly about the delay.
(Reporting by Tom Arnold; writing by Alexander Cornwell;
editing by Andrew Torchia and David Clarke)