Emaar eyes mid-income housing overseas

Dubai-based Emaar Properties' annual net operating profits for 2009 have reached Dhs2.324bn, as compared to the restated net operating profits of Dhs4.236bn ($1.153bn) in 2008, the company has announced. The developer said it will focus on mid-income housing in emerging markets and overseas expansion to boost 2010 revenue after returning to profit in the fourth quarter. Emaar's fourth quarter performance in 2009 has reported net operating profits of Dhs923m, 41% higher than the third-quarter net operating profit of Dhs655m and 149% higher than the fourth quarter 2008 net operating profit of Dhs370m.