Burj Khalifa to boost Emaar revenues

Dubai's Emaar Properties said on Thursday that revenues stemming from the sale of units at Burj Khalifa, the recently-opened, world's tallest tower, will boost the company's 2010 revenues.

Emaar, 31.2 percent owned by the Dubai government, is the Arab world's largest listed developer. It posted third-quarter revenue of 1.95 billion dirham.

"As Emaar recognizes revenue and profits on delivery of the project, the revenue relating to the units sold in Burj Khalifa will be recognized in 2010 on delivery," according to a statement posted on the Dubai bourse website.

"This will positively impact the results of the company due to the large size of the project," it added.Burj Khalifa, formerly called Burj Dubai and renamed after the ruler of Dubai's neighbor Abu Dhabi, opened to much fanfare on January 4, as the emirate is still struggling with a multi-billion debt pile.

Emaar executives at the opening of the tower were bullish, saying that Dubai's property prices have stabilized and that new property completions would continue to increase over the next 18 months.

Emaar has a joint venture with Italian luxury company Georgio Armani to develop hotels around the world, including one at the Burj Khalifa."This additional revenue will also positively affect the company's performance," Emaar said.

Source: Reuters