Emaar poised to post record profit

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RECORD PROFIT: Emaar is likely to post second quarter profit of $480 million, analysts said. (Getty Images)

Emaar Properties, the Middle East's largest real estate developer, is poised to post record quarterly profit this month, analysts have said.

Net income at the Dubai-based developer probably rose 13 percent to $480 million in the second quarter from a year earlier, according to the median estimate of five analysts, newswire Bloomberg reported.

Dubai residential property prices rose 40 percent in the year to May, according to the Al Mal Dubai Real Estate Price Index. Emaar, which is building the world's tallest tower in its home city, can book revenue from projects once they are 20 percent complete, the newswire said.

Profit will be driven by higher UAE apartment and office space sales and the continued rise in rental and hospitality revenue, Bloomberg said, citing Stefan Schurman, a Dubai-based analyst at EFG-Hermes. He has a "buy" rating on the stock.

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