Dubai-based developer Emaar, which built the world's tallest tower Burj Khalifa, said Tuesday its net profits rose sharply last year due to increased revenue in real estate, retail and hospitality. Emaar Properties recorded annual net profits of 5.233 billion dirhams ($1.425 billion) for 2016, up 28 percent from the previous year, it said in a statement.
They were boosted by a particularly strong fourth quarter when net profits rose by 56 percent.
The developer based in the United Arab Emirates said its real estate sales in the emirate of Dubai increased by 41 percent last year compared to 2015.
"Emaar's growth reflects the dynamism of the UAE, which has evolved as a global hub for business and leisure," Emaar chairman Mohamed al-Abbar said.