EMAAR SEES PROFITS RISE
Emaar Properties (EP) has announced net profits of $674 million and revenue of $1.97 billion for the first half of 2016. This week EP said 40 per cent of its revenue between January and June was generated by its shopping malls, hospitality and leisure businesses. The property developer owns a majority stake in Emaar Malls Group, which manages the Middle East’s largest shopping centre, Dubai Mall. Profits for the first half of the year are up 12 per cent on the same period last year, and revenue is 11 per cent higher. The company is currently developing the Dubai Opera House and The Tower, which will have observation decks higher than the Burj Khalifa.