Dubai's Emaar Properties posts rise in annual profits
DUBAI, United Arab Emirates (AP) — Emaar Properties, the developer of the world's tallest tower in Dubai, says net profits rose in 2014 by 30 percent to reach 3.35 billion dirhams ($912 million), up from the previous year's annual profit of 2.57 billion dirhams ($699 million).
The property developer, which is partly owned by the Dubai government, said Sunday that overall revenue reached nearly 9.9 billion dirhams ($2.7 billion). That's slightly lower than 2013 revenues of 10.3 billion dirhams ($2.8 billion).
Emaar says more than 54 percent of revenue in 2014 was generated by its shopping malls and hospitality businesses. Emaar Properties listed Emaar Malls Group in a $1.6 billion initial public offering last year, though EP still owns a majority stake in EMG.
EMG manages the Middle East's largest shopping center, The Dubai Mall.