Dubai property giant Emaar reports 20% bump in profits

A logo of Dubai's Emaar Properties is seen on a building in Dubai, United Arab Emirates January 12, 2018. (Reuters)
Updated 10 November 2019

Dubai property giant Emaar reports 20% bump in profits

  • Emaar reported that over the first nine months of the year net profits rose just 2.3 percent to $1.2 billion

DUBAI: Dubai construction and hospitality giant Emaar Properties on Sunday reported a rise in interim profit results, posting higher sales despite an economic downturn that has depressed the property industry.
The company, which owns the world’s tallest tower, Burj Khalifa, said it posted $362 million in net profit in the third quarter, up 20 percent from $302.4 million in the same period last year.
Dubai is defined by its beachfront skyscrapers and man-made islands, but it is stuck in a five-year property downturn with analysts saying there will be no relief in the near term.
The government in 2018 introduced a raft of rescue measures including easy visa terms for expatriate buyers and permanent residency permits for big investors. And in September, a top-level committee was established to rebalance the market.
Emaar, the largest property firm in the Middle East, reported that over the first nine months of the year net profits rose just 2.3 percent to $1.2 billion, from $1.18 billion in the corresponding period of 2018.
Sales in the first three quarters of 2019 hit $3.44 billion, a surge of 25 percent on the same period last year.
The growth was attributed to the “resilient performance of the property, malls and hospitality business,” the company said in a statement posted on the Dubai Financial Market website.
Since 2002, Emaar has delivered some 59,000 residential units in Dubai and other global markets.
Besides real estate, Emaar has a number of malls, including Dubai Mall, the world’s most visited shopping center, and several hotels.

Saudi companies display latest technologies at Dubai Airshow

Updated 17 November 2019

Saudi companies display latest technologies at Dubai Airshow

DUBAI: Over 25 Saudi companies and government institutions are taking part in the Dubai Airshow hoping to snag deals for their latest defense and aviation technologies being showcased at the biennial event.

The Middle East’s biggest aviation gathering opened on Sunday sans major announcements for big-ticket aircraft purchases from Gulf flagship carriers, maybe also due to dozens of deals already been previously signed and the planes just waiting to be delivered.

Among the major Saudi companies in the event include the Saudi Arabian Military Industries (SAMI), fully owned by the Public Investment Fund, which has operations from aeronautics, land systems, naval systems, weapons and missiles and defense electronics.

SAMI aims to become among the top 25 companies globally by 2030 and to localize military spending, in line with the Kingdom’s vision.

Among other notable Saudi companies and institutions with a presence at the airshow are Saudi Airlines, flynas, The General Authority of Civil Aviation and the King Abdulaziz City for Science and Technology.

Meanwhile, Saudi INTRA Defense Technologies signed a Memorandum of Agreement with multinational defense company Hensoldt for the co-development and co-production of advanced electro-optic systems, as well as a joint venture agreement with EM&E for the transfer of technology and localization of the precision mechanical industries in the Kingdom.

ESEN Saudi, a hi-tech defense and aerospace engineering and production company, was also launched at the Dubai Airshow’s opening day.

Middle East Propulsion Company, which specializes in maintenance, repair and operations (MRO) for the Middle East, was also one of the Saudi companies on site. The company, which boasts of a workforce comprised of Saudi nationals of about 80 percent, aims to expand their services across the GCC and wider Middle East region.

Al-Salam Aerospace Industries meanwhile has on display latest advancements in the manufacture of key components for the F-15 fighter jet.