Dubai Prop Giant EMAAR profit tops 900 Million Bucks

Dubai property giant Emaar Properties announced its net profit topped 900 million dollars in the first half of 2008, despite global economic problems.

The profit of 3.315 billion dihrams (902 million dollars) represented a slight increase over 3.279 billion dihrams (893 million dollars) for the same period last year.

Revenue was steady at 8.203 billion dihrams (2.233 billion dollars) for Emaar, whose main shareholder is the government of Dubai, the booming city state that is a member of the UAE federation.

Chairman Mohamed Ali Alabbar said in a statement globally, the first half of 2008 was marked by recessionary trends and mounting inflation.

“For a property developer of Emaar’s geographic outreach, this period also meant greater exposure to the market challenges of rising prices and reduced consumer spending,” he said.

“However, Emaar’s results for the six months prove the robustness of our long-term strategic Vision 2010 to focus our growth efforts in the emerging markets of the region and Asia.http://english.alarabonline.org/display.asp?fname=200877-18\zbusinessz\980.htm&dismode=x&ts=18/07/2008 09:34:11 Õ”