Emaar Announces 2009 Net Profits of $633 Million

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(DUBAI, UAE) -- Despite the financial crisis that has hit Dubai hard, Emaar Properties, the emirate's largest developer, announced a net operating profit of $633 million for 2009 after revenues of $2.29 billion. The news came just a month after the opening of Burj Khalifa, the world's tallest building.

Both revenue and profit are less than in 2008. However, in a year when some of Dubai's leading firms ended up owing huge sums of money, Emaar's results are highly favorable.

Mohamed Alabbar, Chairman of Emaar Properties, said the company focused on the timely completion of existing projects across global markets. "The crowning achievement in our track record of successful project management and delivery is the inauguration of Burj Khalifa. From delivering the world's tallest building to the world's largest shopping center, and further strengthening our ability to build world-class communities such as Downtown Dubai, we have proved our commitment to delivery," Alabbar explained.

The company was responsible for creating 12,500 new jobs in Dubai during 2009. That relates to Emaar's main focus on the UAE. "Domestic growth, catalysed by Burj Khalifa, will be the highlight of this year, as Emaar continues to focus on maximising long-term value for our shareholders," said Alabbar.

Internationally this year, Emaar will develop middle income housing to meet the growing demand for homes in emerging markets. According to recent estimates, demand for residential property in India will be over 7.5 million units by 2013 of which 85 per cent is projected in the mid and affordable housing segment - a trend observed in Egypt, Pakistan and other emerging markets.

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