Emaar profit gets boost from retail, hospitality businesses

Property sector showing strong signs of recovery

DUBAI - Dubai-based real estate giant Emaar Properties said Thursday its 2012 net profit rose 18 percent compared on year to $577 million, as its retail and hospitality arms grew robustly.
Revenues increased only slightly to $2.24 billion from $2.21 billion in 2011, with shopping malls and other retail businesses contributing $1.12 billion, which was up 27 percent on an annual basis.
The builder of the world's tallest tower, Dubai's Burj Khalifa, said the visitor footfall at its grandiose Dubai Mall hit 60 million in 2012, more than 11 percent higher than the previous year.
Revenues from hospitality and leisure businesses also increased 13 percent to $375 million.
Dubai's once-booming real estate market was among the sectors hardest hit by the global financial crisis in the glitzy Gulf business and tourism hub.
But Emaar, which has succeeded in diversifying its portfolio, launched new large-scale projects last year in the emirate whose property sector is showing strong signs of a recovery.