Dubai's Emaar posts first-half profits, announces new IPO
DUBAI, United Arab Emirates – Dubai developer Emaar Properties has posted 2.8 billion dirhams ($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 Monday it plans to list up to 30 percent 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 7.8 billion dirhams ($2.1 billion), an increase of 8 percent over the same period in 2016, while profits were up 15 percent.
Emaar is behind projects like the world's tallest skyscraper, the Burj Khalifa, and is active in Egypt, Turkey and India.