Dubai's Emaar Q4 falls 28% on higher costs, expenses

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Emaar Properties, Dubai's largest real estate developer, said fourth quarter profit fell 28 percent on the back of increased costs.

The company said in a regulatory filing to the Dubai Financial Market that net income in the last quarter of 2012 decreased to AED512m (US$139m) from AED716m in the same period a year earlier, the company said. Revenue in the period climbed 20 percent to AED2.7bn.

The developer of Burj Khalifa, the world's tallest building, said full-year profits increased 18 percent to AED2.1bn (US$577m) from AED1.8bn in 2011.

“With Dubai restating its credentials as a global business and tourism hub, Emaar capitalised on the city's resurgence by investing in creating prime real estate assets and strengthening our shopping malls and hospitality business," chairman Mohamed Alabbar said.

Dubai's stock market has increased to a 34-month high on the back of the country's property market rebounding after a corporate debt crisis in 2008 and ensuing property market collapse.

The economy of the UAE, the second largest in the Arab world, grew about 4 percent last year down from about 5.2 percent in 2011, according to International Monetary Fund estimates.

Related:

Market Performance

Emaar Properties - UAE
10.45
0.15 1.46 (%)
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Playing the name game in Dubai

Playing the name game in Dubai

The long list of celebrity-endorsed real estate developments...

Is this the end of the Gulf’s Indian cash dash?

Is this the end of the Gulf’s Indian cash dash?

From currency woes to taxation loopholes closing and a clampdown...

2
Mall talk

Mall talk

Plans for Dubai’s Mall of the World have made headlines all over...

1
Most Discussed
  • 23
    World's most pierced man refused entry to the UAE

    Tolerance has its limits everywhere including Dubai and those who considered Dubai a lawless circus were held accountable...so thank you Dubai authorities... more

    Thursday, 21 August 2014 10:51 PM - Khalil
  • 17
    Baby NOT on board?

    The people commenting here were all 20 years old when they were born, never cried, never screamed and never ran etc etc.
    more

    Thursday, 21 August 2014 8:30 AM - Amer
  • 14
    Undercover Dubai cops arrest more than 20,000 beachgoers in 2yrs

    Well these days there are even men ogling men and propositioning to men on the beach, its high time the Undercover Dubai cops also protect men beachgoers... more

    Wednesday, 20 August 2014 9:00 AM - Kevin Brinson