Dubai’s Emaar posts first-half profits, announces new IPO

Dubai, Aug 14 (AP) Dubai developer Emaar Properties has posted USD 772 million in net profits for the first half of 2017 and laid out plans to spin off its domestic real estate business.Emaar Properti

Dubai, Aug 14 (AP) Dubai developer Emaar Properties has posted USD 772 million in net profits for the first half of 2017 and laid out plans to spin off its domestic real estate business.

Emaar Properties, which trades on the Dubai stock exchange, said today it plans to list up to 30 per cent of its real estate business in the United Arab Emirates, with the funds primarily being distributed as dividends to existing shareholders. The company’s retail business, Emaar Malls, already publicly trades.

The developer says revenue reached USD 2.1 billion, an increase of 8 per cent over the same period in 2016, while profits were up 15 per cent.

Emaar is behind projects like the world’s tallest skyscraper, the Burj Khalifa, and is active in Egypt, Turkey and India. (AP)

This is published unedited from the PTI feed.