Dubai property giant Emaar posts 21% surge in profits

Dubai-based Emaar Properties said on Monday it posted a 21-percent surge in annual profits in 2013, reaching $699 million on the back of strong performances in the retail and hospitality sectors. Net profit in the fourth quarter surged by a whopping 48 percent to $206 million, compared to $139 million in the corresponding period of 2012. Annual net profit hit 2.568 billion dirhams ($699 million), compared to 2.119 billion dirhams($577 million) in 2012, said the property giant which built the world's tallest tower, Burj Khalifa. "This strong performance was underlined by recurring revenues from the company’s shopping malls and retail, and hospitality and leisure business units," Emaar said in statement. Those sectors together contributed $1.307 billion, or 46 percent of total revenues. This was an increase of 17 percent, compared to 2012. The Dubai Mall, a major tourist attraction, drew more than 75 million visitors, 15 percent up from the previous year.