Dubai's Emaar Records a 21 Percent Increase in Profits

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Dubai's Emaar Properties reported a 21 percent increase in annual profits, led by Dubai's robust economic growth and surging investor confidence. 

The developer's net profit reached AED 2.568 billion ($699 million) in 2013, passing the $577 million recorded in 2012, according to a company announcement today. 

Fourth quarter revenues reached $752 million, increasing 18 percent from the previous quarter.

Earlier this month, Emaar received an investment grade rating for the first time in four years, as the property market rebounds. 

Residential values in the developer's Burj Khalifa, the world's tallest building, have increased 87.5 percent since the building's launch in 2006. 

Property prices in Dubai have been on an upward trend and are expected to record the highest growth worldwide in 2014. 

"Emaar's fundamental financial strength is underscored by our diversified growth model, with the shopping malls and hospitality business contributing significantly to the total revenue," Mohamed Alabbar, chairman of Emaar Properties, said in a statement. 

Emaar's shopping malls & retail and hospitality & leisure business units accounted for $1.307 billion in 2013 revenue, 46 percent of the total, increasing 17 percent from 2012.