ÿþ<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN"> <html> <head> <meta http-equiv="Content-Type" content="text/html; charset=iso-8859-1"> <title>Eqarat.com Newsletter</title> <style type="text/css"> <!-- a:link { color: #095AA5; } a:visited { color: #095AA5; } a:hover { color: #4DAC27; } a:active { color: #095AA5; } --> </style> <link href="eqnews.css" rel="stylesheet" type="text/css"> </head> <body> <P>&nbsp;</P> <table width="650" border="0" align="center" cellpadding="1" cellspacing="0" bgcolor="#CCCCCC"> <tr> <td><table width="100%" border="0" cellpadding="0" cellspacing="0"> <tr> <td height="130" valign="bottom" bgcolor="#095AA5"><table width="100%" border="0" align="center" cellpadding="0" cellspacing="0"> <tr> <td height="80" class="20pxpad"><img src="http://www.eqarat.com/newsletter1/images/meren2.gif" width="390" height="64"></td> </tr> <tr> <td height="25" bgcolor="#4DAC27" class="linetopwht"><table width="610" border="0" align="center" cellpadding="2" cellspacing="0"> <tr> <td><img src="http://www.eqarat.com/newsletter1/images/worthy.gif" width="217" height="17" border="0" usemap="#MapMap"></td> <td width="175"><div align="right" class="whtfont"> <div align="center">Issue No 253 - 22 Jan 2008 </div> </div></td> </tr> </table></td> </tr> </table></td> </tr> <tr> <td bgcolor="#FFFFFF">&nbsp;</td> </tr> <tr> <td bgcolor="#FFFFFF"><table width="610" border="0" align="center" cellpadding="0" cellspacing="0" class="Copyfont"> <tr> <td width="180" valign="top"><img src="http://www.eqarat.com/newsletter1/images/253emaar2_big.jpg" width="180" height="134" class="blackborder"></td> <td width="20" valign="top">&nbsp;</td> <td valign="top"><SPAN class=hdngBlck>Emaar profit up 3pc to $1.79bn </SPAN><BR> <p>Emaar Properties recorded a net profit of Dh6.575 billion ($1.790 billion) for 2007. </p> <p>The figure was about 3 per cent higher than the net profit of Dh6.371 billion ($1.735 billion) recorded in 2006. The results were achieved in spite of significantly lower land sales and slow down of US real estate sector during 2007, a statement said.</p> <p>Annual revenue increased by 25 per cent to Dh17.566 billion ($4.782 billion) compared to Dh14 billion ($3.813 billion) in 2006. Earnings per share (EPS) for 2007 was Dh1.08 ($0.29) compared to Dh1.05 ($0.29) in 2006.</p> <p>Emaar recorded fourth-quarter revenue and net profits of Dh5.029 billion ($1.369 billion) and Dh1.736 billion ($0.473 billion). These represent a growth of 13 per cent in revenue and 11 per cent in net profit, respectively, over third quarter 2007 revenue and net profit of Dh4.459 billion ($1.214 million) and Dh1.560 billion ($425 million).</p> <p>Emaar's international operations started contributing positively to the group's profitability with joint ventures in India and Morocco earning profits during 2007, the statement said. </p> <p>Mohamed Ali Alabbar, chairman, Emaar Properties, said: "In a tough year for the global property market, Emaar recorded impressive financials  testament to the strong fundamentals that drive the company. Emaar's long-term approach of developing lifestyle communities, rather than land sales in its core home market of Dubai, and forming strategic partnerships in key markets positions the company in a robust position to achieve its Vision 2010 of becoming one of the most valuable companies in the world."</p> <p>"More than any other company, Emaar has delivered homes and lifestyle services in time and quality to its thousands of customers. The company has over the last 10 years built competencies that will help translate our Dubai success story in a number of markets across the globe," said Alabbar.</p> <p>"The joint venture with equal equity participation with Bawadi, a Dubai Holdings Group company for developing 70 million sq ft of land in Dubai highlight our pioneering role in forming strong regional partnerships." </p> <p>"Emaar's growth in diversified sectors reflects our commitment to become an integrated lifestyle provider, and enhance value for our stakeholders  including consumers, shareholders and development partners."</p> <p>In Dubai, Emaar recorded strong sales for new residential projects across its master-planned mega-projects Downtown Burj Dubai, Arabian Ranches and Dubai Marina. Emaar launched the Armani Residences - a premier collection of homes in Burj Dubai and a joint venture with Giorgio Armani Spa, which was met with record-breaking international sales response.</p> <p>Emaar Hospitality revamped the Dubai Polo & Equestrian Club, and opened three hotels  Al Manzil, Qamardeen and The Palace Hotel, Old Town  in Downtown Burj Dubai.</p> <p>Emaar Malls Group opened Souk Al Bahar, an Arabesque leisure destination; unveiled Cairo Gate, Egypt's largest shopping mall and leisure destination; and signed a joint venture deal with Cathay Organisation, the Singapore-based premier entertainment provider to manage cineplexes at Emaar's shopping malls. The Dubai Mall and Dubai Marina Mall projects are also on track and are scheduled to commence operations in second half of 2008. </p> <p>Emaar Education opened its first schools in Dubai, and launched the University of the Arts to promote arts education in the Middle East and North Africa region and the Subcontinent.</p> <p>In India, Emaar MGF has filed the Draft Red Herring Prospectus (DRHP) for an IPO with Securities and Exchange Board of India (SEBI) and the approval is expected shortly. In Egypt, Emaar acquired full ownership of its country subsidiary and announced two new mixed-use projects.</p> <p>Emaar Pakistan commenced sale of homes at Crescent Bay in Karachi, complementing the strong sales record for Canyon Views homes in Islamabad. </p> <p>Emaar Morocco, Emaar International Jordan and Emaar Turkey launched sale of homes, and Emaar Syria made gains with the launch of commercial space within its Eighth Gate development. In Saudi Arabia, Emaar, The Economic City (Emaar.E.C) unveiled the project's first residential component  Bay La Sun Village and Emaar Middle East, a subsidiary of Emaar, launched Jeddah Gate, a mixed-use community.</p> <br> Source: Trade Arabia News</td> </tr> <tr> <td valign="top">&nbsp;</td> <td valign="top">&nbsp;</td> <td valign="top">&nbsp;</td> </tr> <tr> <td valign="top">&nbsp;</td> <td valign="top">&nbsp;</td> <td valign="top"><P align=justify><FONT color=#333333><A href="http://www.eqarat.com/newsletter1/Forward2.jsp?id=1&iid=253"><strong>Forward this article</strong></A></FONT></P></td> </tr> </table></td> </tr> <tr> <td bgcolor="#FFFFFF" class="linebtmblck">&nbsp;</td> </tr> <tr> <td bgcolor="#FFFFFF"><table width="100%" border="0" cellspacing="0" cellpadding="1"> <tr> <td height="90"><div align="center"><a href="http://www.eqarat.com" target="_blank"><img src="http://www.eqarat.com/newsletter1/images/eqarat-web.gif" width="154" height="62" border="0"></a></div></td> <td width="20" valign="bottom" class="Copyfont"><P align=left><br> <BR> </P></td> <td valign="bottom" class="Copyfont"><p><span class="smallfont"><br> </span> <strong>Eqarat.com REAL ESTATE, PO Box: 7553, Dubai, UAE <br> Tel: +971 4 3242224 Fax +971 4 3242221</strong><br> <strong><a href="http://www.eqarat.com">www.eqarat.com</a></strong> <br> <br> </p></td> </tr> <tr> <td width="200" bgcolor="#4DAC27">&nbsp;</td> <td bgcolor="#095AA5"><div align="left"><img src="http://www.eqarat.com/newsletter1/images/gate.gif" width="20" height="20"></div></td> <td bgcolor="#095AA5">&nbsp;</td> </tr> </table></td> </tr> </table></td> </tr> </table> <p>&nbsp;</p> </body> </html>