Emaar, Dubai’s largest real estate developer, said its profit more than doubled in the second quarter of 2012.
In a statement released Sunday, the firm behind the world’s tallest tower Burj Khalifa posted a net profit of AED614m (US$167m) for the three-month period ending June 30, up from AED250m in the year-ago quarter.
Revenues at the company increased 3 percent to AED2.1bn.
More than half (51 percent) of Emaar's revenue during the first half of the year has been provided by the firm's hospitality and retail businesses, which includes Dubai Mall and Armandi-branded hotels.
“The real estate market in Dubai is turning around, led by the robust performance of key growth sectors including aviation, retail, hospitality, tourism and foreign trade,” said Emaar chairman Mohamed Alabbar.
Earlier this year, Emaar announced that it would build an opera house and modern art museum in the emirate’s Downtown district.
The developer is also planning on adding 1m sqft to its 12m sq ft Dubai Mall development, already the largest retail centre in the world by floor space.
In May Emaar launched its latest residential project, ‘Panorama at The Views’, claiming that all 224 units sold out within 24 hours.
There have been recent signs of a turnaround in Dubai’s property market, where prices crashed by up to 60 percent during 2008-2009’s economic crisis.
According to the findings of a Knight Frank survey published last week, property prices have increased by 5.6 percent during the last six months.
The number of residential transactions rose by 15 percent in the second quarter with a total value of AED7.1bn.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.