Emaar Properties announces 12 percent increase in net profit for first half of 2016

Emaar Properties, a global developer with multiple projects in Dubai, recently released financial information that highlights the company’s 12 percent increase in net profit for the first half of 2016.

The $674 million this year compares to $600 million during the same timeframe last year.

Half-year revenues for the company are $1.976 billion, 11 percent more than the $1.775 billion during the first half of 2015.

“We are in one of the most exciting phases of our growth story having launched a brand-new icon for the city -- The Tower at Dubai Creek Harbor -- and the imminent roll-out of Dubai Opera in Downtown Dubai,” Mohamed Alabbar, chairman of Emaar Properties, said. “We are scaling up our malls business with the launch of a retail district in Dubai Creek Harbor and the expansion of The Dubai Mall. We are also strengthening our hospitality portfolio with 35 new hotels and serviced residences in the UAE and international markets.”

Alabbar noted the company's commitment to create long-term value for its stakeholders, inspired by Mohammed Al Maktoum, prime minister and ruler of Dubai. Moody’s Investors Service gave the company a “stable” outlook, highlighting its financial strength.

“We will continue to explore opportunities to develop new land banks in Dubai through integrated developments that support the Dubai Plan 2021 and the preparations for Expo 2020,” Alabbar said.