EMAAR Properties announces AED 169 million profit in half-yearly results

The announcement came following the regular Board Meeting of EMAAR Properties PJSC at their Headquarters in Dubai where members discussed all aspects of the company's operations and discussed future plans and strategies to strengthen the position of the company and deliver the best results for its investors.

The results from the first six months of operating in 2001 for EMAAR Properties showed a growth in current assets from AED 3.33 billion at the end of 2000 to AED 3.65 billion at the end of June 2001 - a growth of 9.6 per cent. The overall capital valuation of the company has also risen from AED 17.8 billion to AED 18.08 billion in the first six months of the year.

EMAAR Properties Chairman, Mr Mohamed Alabbar, said: "The Group has made these positive results despite the economic situation regionally and internationally that has also has a direct impact upon our national economy here in the UAE

"EMAAR Properties was able to make good profits through its special projects and the company has also contributed through the development of extraordinary projects in the property sector that have helped to boost the overall construction sector here in the UAE."

EMAAR Properties is now building five international projects in Dubai based on a strategic plan for the company to deliver better profits to investors and to be moving forward in line with the economies of Dubai and UAE. These five projects are Dubai Marina, Emirates Hills, The Lakes, Gold and Diamond Park and the Old Town.

NASA Multiplex and Al Futtaim Tarmac has now commenced construction on the first three towers of Phase One of Dubai Marina. The names of the contractors who will build the second three towers of Phase One - that will comprise six towers - will be announced later in the year.

The recently announced contract involves building the three towers with 569 apartments - 41-storey Al Murjan, 34-storey Al Mass and 26-storey Fairouz - in addition to 34 villas and a two-storey podium with parking for two thousand cars in addition to a health club and 20 retail outlets and restaurants.

Meanwhile EMAAR Properties commenced in June this year the marketing and promotion of the third neighbourhood of 55 homes at its multinational residential rental community The Lakes. This is part of a 113-hectare project surrounded by landscaped parks, lakes and a small island that will become a sanctuary for flamingos.

The project includes 227 villas in the first phase - distributed across four residential neighbourhoods. The first neighbourhood of 66 villas for rent is now fully occupied with the second neighbourhood of villas nearly completely rented. Construction of the remaining 108 villas in Phase One is now underway.

A highlight of the second quarter of this year was the official opening of the new Gold and Diamond Park on Sheikh Zayed Road with 118 manufacturing units and 30 shops - a new exciting focal point for the manufacturing of gold and diamond jewellery that has attracted international companies to establish operations there.

END