Dubai's Emaar Properties reports 33% jump in first-half profit

Emaar EMAAR, Dubai's largest real estate developer, reported a 33% rise in first-half net profit on Wednesday, driven by a sharp rise in property sales.

The developer behind the Dubai Mall and the world's tallest building, the Burj Khalifa, reported a net profit attributable of 7.08 billion dirhams ($1.93 billion) for the period ended June 30, up from 5.34 billion dirhams a year earlier.

Dubai's property market is red-hot at the moment as regulatory shifts and premium projects attract global buyers.

Emaar said its property sales increased 46% for the first half compared with the same period last year, reaching 46 billion dirhams.

As of end-June, Emaar's revenue backlog from property sales also increased by 62% to 146.3 billion dirhams.

($1 = 3.6728 UAE dirham)