Dubai's Emaar posts profit rise on market rebound

AP News
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Posted: Oct 23, 2012 7:52 AM
Dubai's Emaar posts profit rise on market rebound

DUBAI, United Arab Emirates (AP) — The Dubai-based developer of the world's tallest building says a resurging real estate market and growth in the hospitality and retail sectors helped boost operating profits 29 percent for the first nine months of 2012.

Emaar Properties says net operating profit grew to $438 million for the nine-month period compared with $340 million for same period last year.

The company said the results Tuesday reflect a strengthening real estate sector as well as demand for new projects. Emaar's portfolio includes the landmark Burj Khalifa skyscraper.

Emaar says its retail and hospitality divisions posted a 17 percent revenue boost over the period.

A statement by Emaar Chairman Mohamed Alabbar says the company will seek further projects in "high-growth emerging markets." Emaar has joint projects in Egypt, India and other developing markets.