Dubai’s Emaar Properties recorded profits of 342 million Emirati dirhams ($93 million) in the year 2001, a 12.5 percent increase compared to the previous year, confirmed a recently released company statement. Emaar sources characterized the results as reasonable for a year that was burdened by oil price fluctuations and the September 11 attacks on the United States.
The company’s profits from its operations totaled Dh171.4 million ($46.7 million), up from Dh105.5 million ($28.7 million) in 2000, with total assets increasing from Dh17.7 billion ($4.83 billion) to Dh18.6 billion ($5.08 billion) during the same period. Net interest income dropped from Dh195.8 million ($53.3 million) to Dh163 million ($44.4 million) in 2001.
Established in 1997, Emaar is a public joint stock company that develops real estate projects. Traded on the Dubai Financial Market (DFM), Emaar became the first Emirati firm to allow foreigners to trade in its shares. The Dubai government owns a 32 percent stake in the company with the rest held by United Arab Emirate (UAE) investors. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
