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Emaar Properties profit up record 24pc

DUBAI - Emaar Properties, the leading regional real estate development company, yesterday announced record net profit of Dh503 million for the nine-month period ending September 30, 2003, up 24 per cent on the same period last year.

Revenue were up 160 per cent on the same period last year to Dh2.392 billion, while annualised earnings per share increased to Dh2.70 from Dh2.04 for the same period last year.

Emaar Chairman Mohamed Ali Alabbar said: "This is another excellent set of results for the company, and a tribute to the hard work and commitment of our employees. Whole new opportunities are opening up with new possibilities for real estate ownership in the UAE. Emaar will be prepared for the huge potential that this represents."

The company's particularly strong showing comes as it launches several new projects to catch the imagination of the commercial and residential real estate sectors in Dubai and the UAE. Burj Dubai, planned as the world's tallest skyscraper, will be the lynchpin of a laterally innovative master-planned community that will soon become the focal point of Dubai's new growth corridor.

"Our company mission is about shaping Dubai's future. Emaar believes that the Burj Dubai project will set the seal on Dubai's status as the Middle East's commercial and real estate hub. As the newest jewel in the city's crown of world-class real estate projects, Dubai's skyline will become even more obviously recognisable than ever," said Mr. Alabbar.

Most relevantly perhaps, it is important to note that Emaar has delivered on various projects including the prestigious Dubai Marina project, where homeowners are now taking delivery of luxury homes on the waterfront. Buyers are also taking delivery of The Meadows homes and many more such homes will be delivered in the months to come. During the third quarter of this year, a first wave of apartments has been readily snapped up during Emaar's pioneering Rent-to-Own scheme for The Greens. Further apartments are scheduled for completion next April.

Emaar has 10 major residential and commercial projects under development, each offering new standards in exclusivity, coupled with affordability and catering to the varied tastes of Dubai's multi-ethnic community. Emaar Towers is a landmark new project in downtown Bur Dubai, while the Dubai Marina project has won plaudits for breaking new ground between Dubai and Jebel Ali Free Zone.