Dubai developer reports second quarter net profit of $184m
Dubais Emaar Properties recorded a 10 per cent rise in net profit in the second quarter of 2013, increasing to AED675m ($184m), compared with AED614m the same quarter last year.
This years first-half profit totalled AED1.23bn, similar to the first-half of 2012 profit of AED1.22bn.
The revenue for the first six months of the year was AED5.22bn, 33 per cent higher than that recorded during the same period last year.
In the first half year of 2013, the hospitality and leisure and shopping malls and retail businesses of Emaar recorded total revenues of AED2.3bn, which is 45 per cent of the total revenue.
Emaar has several real estate projects in the pipeline. In partnership with Meraas Holding, the developer launched the lifestyle community Dubai Hills Estate, the first phase of the Mohammed bin Rashid City, spanning over 11 million square metres.
The local Dubai Holding and Emaar have announced plans to build Mohammed bin Rashid City between Mohammed bin Zayed Road, Al-Khail Road and Sheikh Zayed Road. The megaproject will house the largest shopping mall in the world, more than 100 hotels and will also contain a Universal Studios theme park.
This year the developer launched The Address Residence Fountain Views I & II, The Address Residence Sky View and Burj Vista in Downtown Dubai. Emaar also launched its Mira townhouses in Reem, a lifestyle community, and The Hills, a premium residential project in Emirates Living.
Expecting a boom in tourism, Emaar also introduced two new hotel brands this year - Vida Hotels and Resorts, targeting business executives, entrepreneurs and leisure travellers, and Dubai Inn, launched along with Meraas Holding, focusing on the affordable segment.
Emaar is planning to expand Dubai Malls Fashion Avenue, aiming to add 1 million square feet to bring in other high-end lifestyle and entertainment brands to the shopping venue.
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