Emaar Properties recorded a net profit of AED2.6bn ($699m) in 2013, an increase of 21 per cent compared with 2012. Its annual revenue reached AED10.3bn, growing 25 per cent year-on-year in 2013.

At AED5.5bn Emaar’s property business generated just over half of the company’s total revenues, while the rest mainly came from its shopping malls and retail, and hospitality and leisure units, which registered a rise in revenues of 17 per cent to AED4.8bn. Revenues from global operations amounted to AED1.2bn in 2013.

The company’s real estate sales in Dubai tripled in 2013 to AED12bn, following the launch of several properties in Downtown Dubai, Emirates Living and Arabian Ranches.

It also unveiled Dubai Hills Estate, the first phase of Mohammed Bin Rashid City and a waterfront city inspired and built on the banks of Dubai Creek. The developer also signed a memorandum of understanding (MoU) to develop a golf community at Dubai World Central.

Emaar’s revenues over the fourth quarter of 2013 reached AED2.8bn, a quarterly rise of 18 per cent. Net profit during that period totalled AED756m, 30 per cent higher than the previous quarter and nearly double that registered during the same quarter in 2012.

“Our strong pipeline of projects, which reflect our commitment to creating long-term value for our stakeholders, will serve as a key growth driver for the company and for Dubai,” says Mohamed Alabbar, chairman of Emaar Properties.