Dubai real estate firm's profit up 380%

Dubai-based EMAAR Properties, behind what is projected to be the world's tallest skyscraper, has announced profits of 2.5 billion dirhams ($690 million) in the first half of the year.

    EMAAR has 15 ongoing projects in Dubai

    The real estate giant said in a statement on Sunday that 2005 first-half profits were up by 384% from the 523 million dirhams ($142.5 million) recorded in the first half of 2004.

     

    During an extraordinary shareholders' meeting on Saturday, EMAAR approved doubling of its capital to about $1.5 billion and decided to raise the limit of foreign ownership in the company's equity to 49% from 20%.

     

    EMAAR, which lists the Dubai government as the largest of its 41,000 shareholders and boasts a $7.7 billion asset base, has 15 projects ongoing in the Gulf city-state.

     

    When completed, EMAAR's Burj Dubai Tower will be about 800 metres high, taller than any building in the emirate.

     

    SOURCE: AFP


    YOU MIGHT ALSO LIKE

    All Hail The Algorithm

    All Hail The Algorithm

    A five-part series exploring the impact of algorithms on our everyday lives.

    The priceless racism of the Duke of Edinburgh

    The priceless racism of the Duke of Edinburgh

    Prince Philip has done the world an extraordinary service by exposing the racist hypocrisy of "Western civilisation".

    China will determine the future of Venezuela

    China will determine the future of Venezuela

    There are a number of reasons why Beijing continues to back Maduro's government despite suffering financial losses.