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Dubai’s Emaar Sees Return to Profit

Dubai, United Arab Emirates : 11 February 2010

Emaar Properties, builders of the Burj Khalifa and a company 30% owned by the ruling Makhtoub family, have returned to profit in the final months of 2009.

The company stated earnings of $196 million in the final quarter, which compares well if you take a look at the books for last year, which show a loss of $662 million for the same period.

Despite taking a hit alongside other property developers in the UAE as real estate prices plummeted last year, Emaar have managed to steady their ship by establishing revenues from hospitality holdings such as shopping malls and hotels.

Last year saw Emaar open the Dubai Mall, billed as one of the world’s biggest shopping malls, which managed to attract 37 million visitors in its first year. Alongside this the company also opened two luxury hotels and has projects under development in Saudi Arabia including a sea port and educational and business zones.  The company’s shares closed today up 3.2%.

Sarah O’Connell, Gulf Jobs Market News

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
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