Emaar Properties Records First Quarter 2010

Emaar Properties PJSC announced first quarter 2010 revenue of AED 2,886 million (US$ 786 million), underpinned by the robust performance of the company’s hospitality and shopping mall subsidiaries during a period when the company opened the world’s tallest building, Burj Khalifa.

Net operating profits for the first quarter of the year reached AED 760 million (US$ 207 million), 152 per cent higher than the first-quarter 2009 net operating profit of AED 302 million (US$ 82 million).

The highlight of the first quarter was the opening of Burj Khalifa, the world’s tallest building at 828 metres (2,716.5 ft).Mr Mohamed Alabbar, Chairman, Emaar Properties, said the first quarter results of the company highlight the success of its strategy to focus on project delivery and business segmentation.

Mr Alabbar said that Emaar’s growth strategy for 2010 is to focus on the larger Middle East, North Africa and South Asia (MENASA) region, which is home to more than 30 per cent of the world’s population, of which some 800 million people are below the age of 25.

Emaar made rapid progress in its various projects in different stages of completion during the first quarter of 2010, especially the residential and commercial developments in Downtown Dubai.

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