World

Dubai's Emaar Properties says net annual profits soared by 30 percent last year

Emaar Properties, the developer of the world's tallest tower in Dubai, says net profits rose in 2014 by 30 percent to reach 3.35 billion dirhams ($912 million), up from the previous year's annual profit of 2.57 billion dirhams ($699 million).

The property developer, which is partly owned by the Dubai government, said Sunday that overall revenue reached nearly 9.9 billion dirhams ($2.7 billion). That's slightly lower than 2013 revenues of 10.3 billion dirhams ($2.8 billion).

Emaar says more than 54 percent of revenue in 2014 was generated by its shopping malls and hospitality businesses. Emaar Properties listed Emaar Malls Group in a $1.6 billion initial public offering last year, though EP still owns a majority stake in EMG.

EMG manages the Middle East's largest shopping center, The Dubai Mall.