Dubai property giant Emaar's profits rise

Dubai - Dubai-based Emaar Properties said Monday it posted a 21% surge in annual profits in 2013, reaching $699m on the back of strong performances in the retail and hospitality sectors.

Net profit in the fourth quarter surged by a whopping 48% to $206m, compared to $139m in the corresponding period of 2012.

Annual net profit hit 2.568bn dirhams ($699m), compared to 2.119bn dirhams ($577m) in 2012, said the property giant which built the world's tallest tower, Burj Khalifa.

"This strong performance was underlined by recurring revenues from the company's shopping malls and retail, and hospitality and leisure business units," Emaar said in statement.

Those sectors together contributed $1.307bn, or 46% of total revenues. This was an increase of 17%, compared to 2012.

The Dubai Mall, a major tourist attraction, drew more than 75 million visitors, 15% up from the previous year.