Dubai Properties Group’s revenue and interest will be greater than the previous year; this was said by Abdullatif AlMulla, but no further details were given. He denied giving further information about this.
DPG (Dubai Properties Group) is an estate business owned by the government. This real estate will increase its profits this year and the growing population will help and support the residential costs. This statement was given on Sunday by the chief executive of the company.
The profit starteds to flow in when the global economy crisis promoted the rise of the property price and a handful of schemes were static; the UAE’s real estate companies have been revived.
Reuters were told by the chief executive that the field’s outlook is positive; there is a skyward swing in the nation’s population and there’s an upward mount of the migrants in this city. The demand is sky high each time a new project is launched.
The ruler of the emirates is the biggest shareholder of these three most successful real estate firms, Emaar Properties, DPG, and Nakheel. These three rule the developing market.
The appointed CEO, AlMulla, says that they cooperate and compete only to benefit Dubai. Emaar has been updating about its rising profits being nine quarters. Nakheel had agreed to a debt of $16 billion. Last month, it confirmed that the profits increased to 53% this year.
This year, residential prices have gone down, following the gains of 51% in 2013 and 3.4% in 2014, according to the consultants at Cluttons.
There was a slight slip in the price of residential properties in 2015. It followed with the gain of 3.4% in 2014 and 51% in 2013. This was confirmed by the consultants of Cluttons. The expectations are that the prices will not fall during the rest of the year, says AlMulla.
He talks about the rise of the revenue and profit of his company, but denies to give any further information.
Those who are included within DPG’s results are part of the DHCOG (Dubai Holding Commercial Operations Group). Results show that the latter’s infrastructure profit was $2.49 billion. That is 18% up year on year. These amounts also include profit from the other firms with properties not only of DPG.
The profits of AlMulla’s firm were divided evenly and roughly between input from leasing the residential, project sales, retail, and commercial sections to tenants estimating this interest would stay static. Infrastructure always was emphasized because it’s an important part of the scheme. AlMulla further stated that more projects related to retail will be launched according to public demand. Refinancing the debt in not in the plan, and neither is taking the business out of the UAE and going public. He ended the statement after saying that.