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.
