Emaar diversification turns Q2 profits

Emaar Properties, the developer behind the Burj Khalifa, the world's tallest building, reported second quarter sales of AED 2.6 billion (US$ 722 million), up +37% on the AED 1.9 billion (US$ 528 million) recorded for the same period last year.

Pre-tax profits for the quarter rose to AED 896 million (US$ 244 million) up from AED 390000 (US$ 106000) 12 months ago.

Chairman Mohamed Alabbar said, "Our emphasis is now on strengthening our core competency of developing premium real estate projects and building on our assets in promising emerging markets. This concerted approach has resulted in a strengthening of our financial position, despite the challenges of the global financial climate."

Mr Alabbar said that Emaar has effectively diversified with an increasing revenue share from rental and hospitality operations over the past 12 months.

"This is in line with our growth strategy to further expand our revenue streams through strategic investments in key international markets as well as new business streams including shopping malls, retail and hospitality," he said.