Dubai’s shares surged the most in almost a year on investor confidence debt-burdened companies in the emirate will meet payment obligations without government support and as quarterly earnings beat estimates.
The company’s annual revenue for 2011 reached AED 8.112 billion (US$ 2.209 billion). With The Dubai Mall, the flagship development of Emaar establishing itself as the world’s most visited shopping and tourism destination marking record visitor arrivals of 54 million in 2011, the shopping malls & retail business of Emaar contributed AED 2.14 billion (US$ 583 million) to annual revenues, representing 26 per cent of the total.
DUBAI — Emaar Retail on Saturday reported a 13 per cent year-on-year growth to its leisure attractions in 2011 that shows Dubai’s continuous strength as a hub of the retail sector in the Middle East and North Africa.
Emaar Properties yesterday raised Dh3.6 billion through a syndicated financing facility. The facility consists of both Islamic and conventional components. An Emaar spokesperson told Gulf News that Dh2.8 billion of the facility is Islamic while Dh800 million is conventional.
Emaar Malls Group, the shopping malls and retail subsidiary of global property developer Emaar Properties PJSC, has joined hands with the Dubai Shopping Malls Group to host the 40th UAE National Day promotional campaign offering visitors to all its shopping malls the opportunity to win attractive prizes.
Dubai shares tracked rising global stock markets yesterday. On the Dubai Financial Market (DFM) General Index, Emaar Properties, the developer of the Burj Khalifa, advanced 1 per cent to Dh2.81.
In property sector, Arabtec Holding and Emaar Properties gave support to the main index with modest gains in low-trade market activity. Arabtec advanced 2.98 per cent to Dh1.38 while Emaar climbed 1.81 per cent to Dh2.81. Union Properties fell 3.39 per cent to 37 fils.