Dubai-based developer Emaar Properties has more than $100 billion worth of international projects in the pipeline, a senior executive said on Wednesday.
Arif Amiri, senior director of investor relations and corporate governance, said international operations would account for up to 70 percent of Emaar’s total revenue by 2010 as the developer continues its expansion drive outside its home market.
Emaar currently generates about 85 percent of its revenue from property sales in Dubai.
“Emaar’s international growth is endorsed by the growing confidence in our projects by international investors,” Amiri told a meeting of real estate association the Dubai Property Group (DPG).
“With a pipeline of projects valued at over $100 billion, we forecast international operations to contribute 60 to 70 percent of our total revenues by 2010.”
Emaar saw net income rise 1.3 percent to 1.74 billion dirhams ($473.7 million) in the fourth quarter, boosted in part by a pickup in countries such as India and Morocco.
Full year profit rose 3.2 percent to 6.58 billion dirhams despite a slow down of the US real estate sector, which hit Emaar’s US affiliate John Laing Homes.
Egyptian investment bank EFG-Hermes said in January Emaar’s foreign operations, including Saudi Arabia and India, would contribute between 30 and 35 percent of revenue this year, citing Emaar.
EFG-Hermes said Emaar expected profit this year to remain almost unchanged compared with 2007 because of higher construction costs for its malls and hotel projects.
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