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

    How different voting systems work around the world

    How different voting systems work around the world

    Nearly two billion voters in 52 countries around the world will head to the polls this year to elect their leaders.

    How Moscow lost Riyadh in 1938

    How Moscow lost Riyadh in 1938

    Russian-Saudi relations could be very different today, if Stalin hadn't killed the Soviet ambassador to Saudi Arabia.

    Will you push the boundaries or play it safe?

    Will you push the boundaries or play it safe?

    Curate an art exhibition and survive Thailand's censorship crackdown in this interactive game.