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Dubai’s Emaar records $699m in profit

Emaar credited increased investors’ confidence in Dubai as one of the factors contributing to last year’s profit

Published: Updated:

Dubai-based developer Emaar Properties says the company's profits jumped by 21 percent last year to $699 million.

The developer of the world's tallest building and one of the world's largest malls reported Monday that revenues for 2013 totaled $2.8 billion, a 25 percent increase from 2012.

Shopping malls, retail centers and Emaar's 12 hotels and resorts contributed to nearly half of last year's revenues of more than $1.3bn. Emaar says more than 75 million people visited Dubai Mall last year.

The company credited Dubai's overall "robust economic growth" and increased investor confidence as contributing factors in last year's profits.

A statement by Emaar Chairman Mohamed Alabbar says he expects even more growth following Dubai's successive bid to host the world fair in 2020.