DUBAI: Dubai-based real estate giant Emaar Properties has said its 2012 net profit rose 18 per cent compared on year to USD 577 million, as its retail and hospitality arms grew robustly.
Revenues increased only slightly to USD 2.24 billion from USD 2.21 billion in 2011, with shopping malls and other retail businesses contributing USD 1.12 billion, which was up 27 per cent on an annual basis.
The builder of the world’s tallest tower, Dubai’s Burj Khalifa, said the visitor footfall at its grandiose Dubai Mall hit 60 million in 2012, more than 11 per cent higher than the previous year.
Revenues from hospitality and leisure businesses also increased 13 per cent to USD 375 million.
Dubai’s once-booming real estate market was among the sectors hardest hit by the global financial crisis in the glitzy Gulf business and tourism hub.
But Emaar, which has succeeded in diversifying its portfolio, launched new large-scale projects last year in the emirate whose property sector is showing strong signs of a recovery.
-AFP
Thank You For Your Vote!
Sorry You have Already Voted!
