'Emaar will not change policy'
Mohammed Al Abbar, Chairman of Emaar, one of the Arab World's largest real estate developers, said the company will adhere to its policy – which is the non-registration of profits through the re-evaluation of assets.
In an interview with Al Arabiya TV on the sidelines of World Economic Forum in Davos, Al Abbar added Emaar will also adhere to its conservative policy regarding the distribution of cash profits to shareholders and will continue work in the emirate, with taking into consideration the sector's slowdown.
He said the company's accounting system is conservative and it will adhere to a regular accounting system
"Everyone talks about job cuts, but that does not cover all sectors.
Emirates airline, for example, has employed 3,000 recently. This means growth is still existent in some sectors, while other sectors were impacted, such as the real estate sector," he said.
Al Abbar chairs a committee set up by the Dubai Government to weather international financial crisis.
Last week, Al Abbar told Arabic daily Al Khaleej that the prices of properties in Dubai might fall by around 20 per cent on an average, but he did not mention a timetable for that.
Follow Emirates 24|7 on Google News.