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).
You might also like...
Iraq signs deal to develop the Akkas gas field
25 April 2024
Emaar appoints beachfront project contractor
25 April 2024
Acwa Power signs $356m Barka extension
25 April 2024
AD Ports secures Angola port concession agreement
25 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.