Dubai-based property developer Emaar, the group behind the world’s tallest tower Burj Khalifa, has registered a net profit of Dhs421m ($115m).
Emaar cited project deliveries in the UAE and international markets for the solid figures. Meanwhile the flagship Dubai Mall reported a footfall of 13.5 million visitors, the highest performance since it opened in November 2008.
Emaar Hospitality Group, the hospitality and leisure subsidiary, also recorded positive growth with its flagship Address Hotels + Resorts recording an average occupancy of 87 percent in the first quarter.
The first quarter also included continued delivery of residential units in Burj Khalifa and the handover of commercial offices in The Eighth Gate, Syria. The company also started delivery of Boulevard Plaza within Downtown Dubai during this quarter.
“The first quarter performance underlines the company’s strategy to focus on project delivery and strengthening recurring revenue streams from its shopping mall and hospitality businesses,” said Chairman Mohamed Alabbar in the statement.
“Emaar welcomed 2011 with the spectacular Burj Khalifa New Year’s Eve gala attended by over 600,000 people, establishing Downtown Dubai as a global benchmark in lifestyle destination development. Our flagship project is a perfect complement to Dubai’s growth outlook centered on the traditional sectors of retail, hospitality and tourism, led by the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and the Ruler of Dubai” he said.
He added: “Emaar will continue to explore growth opportunities in key emerging markets, where our emphasis will be to create dynamic socio-economic growth engines like Downtown Dubai that create jobs, support ancillary industries and meet lifestyle aspirations.”
In addition to the handover of homes in Burj Khalifa, in January 2011 Emaar opened one of the world’s highest restaurants, Atmosphere, located on Level 122 of the world’s tallest building.
The results follow an excellent 2010 when Emaar registered a net profit of Dhs 3.034bn ($826 million), up 31 percent on 2009.
(Mark Dardenne, CEO Emaar Hospitality, celebrates his World Travel Awards victories)
Emaar was voted “Middle East’s Leading Tourism Property Development Company” at World Travel Awards. Meanwhile The Armani Hotel Dubai, situated inside the Burj Khalifa, will play host to World Travel Awards 2011 Middle East Ceremony on 2 May.
Emaar has a host of projects internationally due for completion in the coming months. These include Jeddah Gate and Al Khobar Lakes in Saudi Arabia by Emaar Middle East; and Uptown Cairo and Marassi in Egypt.