The Hindu Business Line : Emaar Properties clocks record net

THE Dubai-based Emaar Properties PJSC, one of the biggest property developers in terms of market capitalisation, has announced annual profit of Dh 4.731 billion for the year ended December 2005.

This corresponds to a net profit increase of AED 3.040 billion or 180 per cent. Net profit for fiscal 2004 was AED 1.691 billion.

Property revenues increased by AED 3.113 billion or 59 per cent to AED 8.361 billion for the year ended December 2005, compared to AED 5.248 billion for 2004.

Significantly, the earnings per share increased to AED 0.85 per share from AED 0.33 per share, according to a statement issued by Emaar.

Mohamed Ali Alabbar, Chairman, said: "2005 has been a significant year for Emaar during which the company made its vision of being a world-class company expanding across the globe come to life."

Last year also witnessed Emaar's flagship development, the Burj Dubai tower, grow at an unprecedented rate with a number of high-profile launches during the year.

Emaar also opened its first office in India with partner MGF. The Emaar-MGF Land Private Ltd, a joint venture company formed by Emaar Properties PJSC and MGF Developments Ltd of India, announcement signified India's largest FDI in real estate amounting to over half a billion dollars for projects with a future capital outlay of $4 billion.

Projects are planned in Delhi, Andhra Pradesh, Punjab, Haryana, and Maharashtra.

Emaar also announced plans last year to aggressively expand the retail sector with investments of over Dh 15 billion to develop around 100 malls in the mega emerging markets of West Asia, North Africa, and the Indian subcontinent.

Incorporating a fully owned subsidiary, Emaar Malls, the roll-out of world class shopping malls in the UAE, Saudi Arabia, Jordan, Syria, Lebanon, Algeria, Morocco, India, and Pakistan will start within the next few years.

The company is already fast developing the world's largest shopping destination - the 12 million sq ft Dubai Mall - in Burj Dubai.

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