Emaar Properties, Dubai's largest property firm, lifted net profit by over 50 percent in the third quarter as its hotels and mall business rode a tourism boom and a new building spree after four years of stagnation.
Earnings in the quarter ending September 30 rose to AED581 million dirhams (USD$158.2 million), compared with AED387.5 million in the corresponding period in 2012, the company said in a statement on Dubai's bourse.
The builder of the world's tallest tower, the Burj Khalifa, said the number of shoppers flocking to its glitzy malls had mushroomed, with footfall at the Dubai Mall, the world's biggest, up by almost a quarter to over 55 million in the first nine months of 2013.
The developer has announced a series of new projects in Dubai including state-linked plans for a mega-city that will include over 100 hotels, as the emirate recovers from a four-year slump.
Property prices in Dubai tumbled by more than 50 percent from their peak in 2008 after the global economic slowdown. The emirate has recovered over the last year helped by a safe haven status following the region's Arab Spring uprisings.
"Our new developments, in real estate, malls, and hospitality, underline our strategic approach to supporting Dubai's all-round growth," said Mohamed Alabbar, the chairman of Emaar Properties.
The developer said total sales of its Dubai projects for the nine months ending September 30 nearly tripled to more than AED9 billion dirhams compared with the same period in 2012.
Revenue for the quarter was AED2.35 billion dirhams, up 43 percent from AED1.64 billion.
Recurring revenue from its malls and hotels accounted for 44 percent of revenue in the first nine months.