As the Middle East’s real estate sector witnessed the severe blow of COVID-19, the combined net profits of some of the region's top developers—UAE’s Emaar Properties and ALDAR Properties, Qatar’s Barwa and Ezdan Holding, Egypt’s Talaat Moustafa Group Holding, and Kuwait’s Mabanee Company—declined by 39% to $1.84 billion in 2020, from $3.03 billion in 2019. The companies lost $1.2 billion in profits last year.
