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.
17 Nov 2024
BBK and Asia Jewellers announce exclusive offers to its customers at Jewellery Arabia 2024
12 Nov 2024
BBK partners with Durrat Al Bahrain to offer exclusive financing for Jawhart Al Marjan
05 Nov 2024
As part of its digital transformation journey, BBK adds Google Wallet to its range of digital wallets
This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more