Dubai's Emaar to reopen fire-hit Address hotel

Dubai's Emaar Properties intends to reopen its landmark Address Downtown hotel by the end of the year, some two years after the skyscraper was gutted by fire following an electrical fault, its chairman told Al-Arabiya TV on Tuesday.

Mohammed Alabbar was speaking after the developer reported a 56% rise in fourth-quarter net profits, boosted by higher revenue from property developments as well as the performance of its malls and hospitality businesses.

The developer, in which Dubai's government owns a minority stake, made a net profit of AED1.61 billion ($438.4 million) in the three months to December 31, it said in a statement.

For the full-year 2016, net profit totalled AED5.233 billion, 28% higher than 2015, on revenue of AED15.540 billion, up 14%.

The company said recurring revenues from its shopping malls, hospitality, entertainment and leisure businesses for 2016 was AED5.976 billion, similar to 2015, despite the ongoing redevelopment at The Address Downtown Dubai, which was damaged in a fire on New Year's Eve 2015.

Emaar added that international operations recorded revenue of AED2.665 billion, accounting for 17 percent of the total group revenue.

The developer handed over around 41,500 residential units, 33,947 of them in Dubai and has a land bank of 190 million sq m globally including 25 million sq m in the UAE, it said in the statement.

It added that investments in premium real estate contributed to robust property sales in Dubai during 2016 at AED14.4 billion, 41 percent higher than in 2015.

Mohamed Alabbar, chairman of Emaar Properties, said: “Emaar’s growth reflects the dynamism of the UAE, which has evolved as a global hub for business and leisure. As the nation sets new milestones in futuristic developments, Emaar will continue to invest in next-generation technology to deliver modern lifestyles that meet the lifestyle aspirations of our youth and future generations.”