As first half of the year 2014 had passed, large companies and corporations make their regular profit calculations. In the real estate sector these numbers are usually high. Property giant in the UAE Emaar has reported an increase in net profits by 29% in the second quarter of the year. However, large shopping malls, hotels and entertainment activities did not save company from revenue decrease by 9,7%. Total amount of profit Emaar reached for the months of April, May and June is 868 million UAE dirham, which is more than 200 million US dollars.
Emaar is successfully following its chosen strategy – to develop its retail units, which bring substantial profit expected to raise in the future. Emaar revenues from shopping, leisure and hospitality have increased by 52% for the first 6 months of 2014. These are the strong sides or the company, which it plans to strengthen and develop further on.
According to the chairman of Emaar Mohamed Alabbar, the company has been growing due to strong position of Dubai as a strong hub for business and leisure. “His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai added that Emaar is one of the biggest companies which during first half of 2014 contributed to Dubai real estate market growth, due to the launch of several new projects. Particularly, Emmar has launched 10 luxurious property projects during last 6 months with the total amount of sales – 9 032 billion UAE dirham.
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