One of several largest Dubai property developers Emaar Properties, who built world’s tallest tower Burj Khalifa, reported of the increase in profits by 16% in the second quarter of the year.
According to the company’s representatives, Emaar’s profits in the second quarter has outpaces the boldest forecasts, despite the general lull in the Dubai real estate market, and amounted to US $ 321,3 million, a US $ 270 million over the last year’s first quarter result.
Emaar’s revenues have been rising for the ninth consecutive quarter, and the scale of this master’s developer activity indicates largely the pace and average growth of the real estate sector development in Dubai. Retail, hotel and residential real estate projects formed the developer’s main source of profit in the second quarter of 2015. These are such projects as Dubai Creek Harbour development and Dubai Hills Estate, which Emaar is developing together with Dubai Holding and Meraas Holding, as well as the large city-forming projects in the heart of Dubai, such as The Opera District with a unique building of the Dubai Opera as its main dominant, and the completion of a large portion of real estate in the low-rise luxury housing district of Arabian Ranches.
Emaar Property’s total revenue in the first half of the year also significantly increased in comparison with the last year indicators: in the first six months of the year Emaar Properties managed to earn US $ 1,769 million, which is 13% more than in the first half of 2014.
In addition, Emaar continues to successfully expand its activities abroad, so the developer’s international revenue from real estate projects outside the UAE increased by 36% in the first six months, compared with the first half of 2014.