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FINANCIAL NEWS
UAE’s Emaar H1 revenue up 30%
16 Aug 2011
(MENAFN) Emaar Propertis said that in the year’s first half, revenues from hospitality rose 30 percent from 2010’s same period reaching USD168.5 million driven by UAE’s tourism growth and retail markets, reported The National.
The developer added that due to a USD46.8 million writedown on its investment in a commercial bank in the country, in the second quarter, net profit fell 69 percent to USD68 million from USD218 million in the same quarter a year ago.
It also said that in the quarter, total revenue dropped 23 percent from 2010’s same period to USD552 million, whereas retail leasing business’ revenues grew 17 percent to USD272 million.
It is worth noting that as a result of the region’s political unrest, travelers shifted destinations to visit from North African countries and Syria to Gulf countries, mainly the UAE with more than 1 million tourists visiting Abu Dhabi’s hotels in 2011’s first half.
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05 Feb 2026
BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
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