Real estate giant posts monster profits

October 22, 2008 by OPPE News

One of the United Arab Emirate’s biggest real estate market players has announced AED 5.573 billion in profits so far this year.

Emaar Properties said strong domestic revenues were behind the success, which comes despite a fall in income from the company’s American adventure, J L Homes.

The company is involved in a variety of real estate projects totalling more than AED 367 billion in value.

During the third quarter of the year the company has concentrated on single family homes in Dubai while also expanding into building shopping malls.

Hailing his company’s success, chairman Mohamed Ali Alabbar said:

“Emaar is forging ahead with creating a dominant position in the real estate industry on a global scale.

“Emaar has created a significant brand value and recognition through delivering superior products and world class service to its customers.”

The company’s net operating profit for the third quarter of 2008 is AED 2.258 billion, 36 per cent higher than the second quarter profit of AED 1.660 billion.

The third quarter total is also 45 per cent higher than the third quarter 2007 profit of AED 1.560 billion.

Earlier this year Emaar revealed it was throwing its hat into the Abraj Al Bait development in the holy city of Mecca, Saudi Arabia.

The firm is to offer fully furnished developments in the multi-tower project, which is being constructed by the Saudi Binladen Group.