Dubai’s Emaar reports 31% rise in Q3 profit
Developer says international operations accounted for 18% of total revenue in first nine months of 2015
Dubai’s Emaar Properties has reported third-quarter profits of $230 million (AED843m), 31% higher than the same time last year.
The developer – which built the Burj Khalifa, the world’s tallest tower – said its net profits were also up in the first nine months of the year, when it made $830 million (AED3bn), a 16% increase on the $714 million it recorded during the same period in 2014.
Emaar, which is listed on the Dubai Financial Market, posted strong revenue growth in its international operations in the first nine months, rising to $472 million (AED1.73bn), accounting for 18% of its total revenue.
“The robust performance of Emaar highlights the success of our strategy to develop exceptional real estate assets in our home market of Dubai and other key international markets,” said Emaar Properties chairman Mohamed Alabbar.
Key projects the developer currently has in the pipeline include the 6 million sqm Dubai Creek Harbour, located close to the Ras Al Khor wildlife sanctuary. Emaar launched the Creekside 18 residences in The Island district of the Dubai Creek harbour in the third quarter of this year.
Another development is the 2,700 acre Dubai Hills Estate, being developed as a joint venture with Meraas Holding. The project will feature the newly launched Maple townhouses.
In addition, Emaar is also developing The Opera District in Downtown Dubai, which will be anchored by the Dubai Opera.
According to a statement by Emaar, demand for launches in Dubai has been strong, particularly from end-use investors, with total sales in the first nine months amounting to $2 billion (AED7.5bn). Sales in international markets during the same period were valued at about $1 billion (nearly AED4bn).
