Dubai Holding Commercial Operations
Group LLC, a company owned by Dubai ruler Sheikh Mohammed bin
Rashid al Maktoum, said full-year profit rose 82 percent on
surging land and property sales.
Net income advanced to 13.9 billion dirhams ($3.78 billion)
in 2007 from 7.6 billion dirhams a year earlier, the privately-
held company said in a report posted on the Web site of the Dubai
International Financial Exchange. Revenue more than tripled to
19.9 billion dirhams from 5.5 billion dirhams.
Dubai Holding Commercial, which owns property companies
Tatweer Dubai LLC, Dubai Properties LLC, Sama Dubai LLC, hotel
operator Jumeirah Group LLC and TECOM Investments LLC, raised
$2.5 billion by selling bonds in January 2007 that are listed on
the Dubai International Financial Exchange.
Dubai, the second-biggest of seven sheikhdoms that make up
the United Arab Emirates, is investing in tourism to diversify
its economy. Tatweer is developing the Bawadi project that may
cost as much as $54 billion to build and will include a series of
themed hotels based on landmarks such as the Eiffel Tower.
Dubai Holding Commercial said in its annual report the value
of land sales jumped to 8.69 billion dirhams in 2007 from 1.23
billion dirhams, while property sales climbed to 5.14 billion
dirhams from none in 2006.
Real estate companies in Dubai are benefiting from surging
demand for land since 2002 when foreigners were allowed to buy
property in some parts of the emirate. Property values in the
emirate have quadrupled over the last five years, Al Mal Capital
said in a report on March 9.
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