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


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