Emaar profits hit $1.8bn in 2017

Dubai-based Emaar Properties made $1.8 billion in profit and close to $5 billion in sales in 2017, Mohamed Alabbar, chairman of the listed developer said.

The figure is an increase on the $1.43 billion profits reported in 2016.

"We've been growing about 20 to 25 per cent on an annual basis," Alabbar was quoted as saying at a conference in Abu Dhabi by a Khaleej Times report.

Emaar, in which the Dubai government owns a minority stake, reported a double-digit quarterly sales growth in each of the first three quarters of 2017,