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Net profits of Emaar Properties increased 50 per cent to $US158 million ($A164.68 million) in the third quarter of 2013 compared to the year before, the Dubai-based company says.

Net profit in the three months from July to September reached 581 million dirhams ($US158 million ($A165 million), compared with 387 million dirhams in the same period of 2012, the real estate giant said in a statement on Thursday.

The developer of Burj Khalifa, the world's tallest tower, recorded a net profit of 1.812 billion dirhams for the first nine months of the year, 13 per cent up on the same period of last year.

Burj Khalifa

It said total sales value of Emaar real estate projects in Dubai as of September 30, 2013, have trippled compared to the same period last year exceeding nine billion dirhams.

"Emaar's strong performance across all its core businesses is a testament to the positive growth recorded by Dubai," chairman Mohamed Alabbar said.

"Our new developments, in real estate, malls and hospitality, underline our strategic approach to supporting Dubai's all-round growth.

"Over the past nine months, we have entered into joint venture agreements with large government companies such as Dubai Holding and Meraas Holding to develop mega-projects in Dubai that will catalyse the economy."

Dubai real estate has recovered strongly since it nosedived in 2009 when the global financial crisis hit the Gulf emirate, cutting nearly half of the sector's value.

Emaar has diversified its business portfolio, branching out into hospitality, leisure and retail, which accounted for 44 per cent of its total nine month revenues, at $US914 million.

 

Source: AAP
 
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