Emaar Properties reports growth in profits
Emaar Properties has reported a 12 percent growth in net profit to AED 2.475 billion (US$ 674 million) in the first six months of 2016, compared to the same period last year. The half-year 2016 revenue is AED 7.257 billion (US$ 1.976 billion), 11 percent higher than in 2015.
Mohamed Alabbar, Chairman of Emaar Properties, said: “We are in one of the most exciting phases of our growth story having launched a brand-new icon for the city – The Tower at Dubai Creek Harbour - and the imminent roll-out of Dubai Opera in Downtown Dubai. We are scaling up our malls business with the launch of a Retail District in Dubai Creek Harbour and the expansion of The Dubai Mall. We are also strengthening our hospitality portfolio with 35 new hotels and serviced residences in the UAE and international markets.
“Our commitment is to create long-term value for our stakeholders, and in this, we are inspired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, to challenge ourselves and push our boundaries. We will continue to explore opportunities to develop new land banks in Dubai through integrated developments that support the Dubai Plan 2021 and the preparations for Expo 2020.”
Emaar’s diversified business model includes revenues from malls & retail and hospitality & leisure segments.
Read the August 2016 issue of Business Review Middle East magazine