Emaar, which counts Dubai’s state fund as a major shareholder, saw profit fall 48% in the January-September period to 2.44 billion dirhams ($664 million), it said in a statement.
Nine-month revenue fell 26% to 13.4 billion dirhams.
“Looking to the future, I am cautiously optimistic about the remainder of the year and I am confident that things will be in better shape across most sectors by summer 2021,” Chairman Mohamed Alabbar said in the statement
The listed developer did not release a detailed financial stated. However, Reuters calculated that third quarter profit fell 68% to 430 million dirhams and revenue dropped 29% to 4.34 billion dirhams.
Representatives for Emaar did not immediately respond to emailed requests for comment.