Dubai property giant Emaar profit up 31 percent in Q3

DUBAI - Agence France-Presse

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Dubai-based real estate developer Emaar Properties on Sunday reported a 31-percent rise in net profits during the third quarter of 2015.

Emaar - best known for building the world’s highest tower, the Burj Khalifa - said it had recorded net profit of $230 million between July and September 2015, compared to $176 million during the same period last year.

During the first nine months of 2015, revenues grew by a quarter, amounting to $2.861 billion, said Emaar in a statement.

Shopping malls, retail, and hospitality businesses have contributed to the tune of $1.142 billion - 43 percent of total revenue.

In the first nine months of the year revenues from these businesses increased by 10 percent compared to the same period in 2014, Emaar said.

“The robust performance of Emaar highlights the success of our strategy to develop exceptional real estate assets in our home market of Dubai and other key international markets,” said Emaar Properties chairman, Mohamed Alabbar.

“We are confident of closing the year on a robust and positive note” as the desert city approaches its tourist season in winter, during which the usually hot and humid weather cools down in the United Arab Emirates.

In 2014, Emaar - which also owns one of the world’s largest shopping centers, the Dubai Mall - recorded a net annual profit of $897 million, compared to $699 million in 2013.