Flagship UAE developers reveal strong figures
Retail and relaxation have helped Emaar and Aldar, the leading property developers of Dubai and Abu Dhabi, to post first-quarter results that outstrip last year's efforts.
Dubai-based Emaar Properties saw operating profits for the first three months of 2012 reach Dhs606 million ($165 million) - up 44 per cent on the Dhs421 million ($115 million) it made in the same period last year.
Meanwhile, Abu Dhabi’s Aldar Properties revealed a net profit of Dhs478.2 million ($130 million) - up 189 per cent on the Dhs189.1 million ($51 million) recorded 12 months ago.
Both firms said revenues generated by increased handover of residential properties were partly responsible for their better fortunes.
Emaar’s focus on retail continues to bring benefits, with the firm revealing yesterday that visitors to The Dubai Mall during the first three months of this year hit 16 million - up 22 per cent on the same period last year.
The developer said its hotel brand The Address enjoyed its best ever performance in the first three months of 2012 - with an average occupancy rate of 92 per cent. Emaar now receives the majority of its income from malls and hotels - they kicked in 58 per cent of first-quarter revenues.
Abu Dhabi’s Aldar said improved revenues from assets ranging from schools to hotels and retail outlets have helped its bottom line. The firm also handed over 606 residential units at its Al Raha Beach development and said that its own hotel portfolio - which includes seven properties on Yas Island - showed “robust occupancy levels” in the face of a slide in rates across the capital.
Emaar Properties chairman Mohamed Alabbar hailed “a new era of growth” for his firm, while Aldar chairman Ali Eid Al Mheiri said recent restructuring had left his firm in a “position of strength”.