Emaar chairman Mohamed Ali Alabbar said that the results were impressive, especially in light of a 63 per cent decline to AED 58 million ($16 million) in interest income from its fixed deposits. ‘We expect to record a 25 per cent growth in net profits in 2003,’ he said.

The results take in the performances of several new subsidiaries launched by Emaar in 2002, including Dubai Bank, Emrill– a property management joint venture set up with the UK’s Carillionand Sahm Technologies.

Emaar’s plans for 2003 include the construction of several real estate schemes at Dubai Marina and the adjacent area (MEED 7:2:03; 22:11:02; 25:1:02).

Emaar has eight major real estate projects under development, ranging from the Arabian Ranches and Emirates Hills to The Lakes and Meadows projects. Its biggest project is Dubai Marina, for which bids have recently been invited for the second batch of towers. Covering the construction of another six towers, the project manager is a UK team of EC Harris and Mace International(MEED 7:2:03).