Dubai-based super developer Emaar Properties has posted profits of $902 million (£452 million) for the first half of 2008. It also announced its second quarter profits stood at $424 million (£212 million), a growth of seven per cent on the same period last year.
Arabian Business reported the figures were below the predictions of most analysts quoted in a Reuters net profit survey in June. The firm said domestic property sales were the “prime driver” for its profits.
Company chairman Mohamed Ali Alabbar said:
“Globally, the first-half of 2008 was marked by recessionary trends and mounting inflation.
“For a property developer of Emaar’s geographic outreach, this period also meant greater exposure to the market challenges of rising prices and reduced consumer spending.
“However, Emaar’s results for the six months prove the robustness of our long-term strategic Vision 2010 to focus our growth efforts in the emerging markets of the region and Asia.”
The firm’s expansion into China, involving an agreement with Shanghai China-News Enterprise Development, was listed as a high point, as were projects in Saudi Arabia, Turkey, Morocco, Syria and India, all gaining “strong property investor response”.
Related posts:
