The horses at Arabian Ranches will nearly be as pampered as its residents, with four horses per groom, resident trainers, farriers and a vet with access to a fully equipped treatment room. “The Equine Centre will be built to the highest standards and will be part of the community rather than an exclusive, private club. The polo fields will be used for a variety of social and community functions,” Mr. Al Humairi said.
Dubai, February 8, 2003: Emaar Properties PJSC, the leading real-estate developer in the region, today announced record annual profits of AED517 million for the year ended December 31, 2002, compared to AED342 million in 2001. The Tax Depreciation Board of Directors of the company has proposed a total dividend of 10 per cent for the year, or AED1 per share, to be approved by shareholders at the annual general meeting on February 24, 2003.
Speaking to capital market analysts, brokers and journalists at the Dubai Financial Market, Emaar Chairman Mohamed Ali Alabbar said: “We saw remarkable growth during 2002, with annual revenue up 63 per cent to AED1.33 billion. Profits from operations grew 163 per cent and net profits recorded 51 per cent growth.
These annual results are significant because interest earned from fixed bank deposits fell 63 per cent on the year-earlier figure. Interest earned from fixed deposits in 2001 amounted to AED156 million compared with AED58 million in 2002. The Emaar Group, including fully owned subsidiaries Dubai Bank, Amlak Finance, Sahm Technologies and joint venture Emrill, sounded a buoyant on its outlook for 2003 and beyond.