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Dubai property giant Emaar’s profit up 12 pc in first half

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Dubai: Dubai-based developer Emaar Properties today reported a 12 per cent rise in net profits for the first six months of 2015 due to high revenues from its shopping malls and hotels.

Increased revenues from its retail and hospitality businesses helped bring first half net profits to USD 600 million (545 million euros), the property giant said in a press release.

Emaar — best known for building the world’s highest tower Burj Khalifa — saw overall revenues increase by 13 per cent in the first half of the year, it said.

For the second quarter, the company reported a 16 per cent rise in net profits.

In 2014, Emaar — which also owns one of the world’s largest shopping centres, the Dubai Mall — recorded a net annual profit of USD 897 million, compared to USD 699 million in 2013.