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Emaar’s Revenue Increased 87% Despite Analysts Predictions

Middle East : 23 April 2010

At present Emaar Properties is the largest property developer in the Middle East and its net profits this year are surprisingly up on last year. A recent Bloomberg survey completed by six analysts has stated that they believed that Emaar would reports profits somewhere within the region of DH336 million for the first three months of 2010 but in fact they have exceeded all expectations.

The main areas experiencing substantial growth are the rental and hospitality sectors.  In these two combined sectors revenue increased by approximately 87% when compared to the same period last year. These results have been largely attributed to higher than anticipated returns from malls and hotels which is due to higher than expected occupancy rates in rented accommodation which means the population is higher than expected.

While this has pushed up profits for the first three months of the year many analysts feel this situation cannot continue as Dubai Mall is now near completion and has almost reached full capacity so there is little potential for further footfall increases.

Emaar Hospitality Group said that all of its five hotels in Dubai have fared extremely well during the first quarter and this was helped largely because of the Dubai Shopping Festival which saw large numbers of visitors descending on the city for this month long event.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
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