Emaar's Dubai hotels saw 80% average occupancy in 2019
Emaar Properties also had a strong year, recording a net profit of AED6.2 billion
Emaar Hospitality Group saw an average occupancy rate in Dubai of 80% in 2019, noting it to be above the current market average.
The Dubai-based company performed well across its hospitality and leisure, entertainment and commercial leasing businesses. Together these sectors represented 30% of the group’s total revenue, equating to AED7.293 billion.
Emaar Properties also had a strong year, recording a net profit of AED6.2 billion, along with a revenue figure of AED24.586 billion.
State news agency WAM highlighted Emaar Properties and Emaar Development chairman Mohamed Alabbar commenting: "Emaar’s performance in 2019 was resilient, maintaining growth within a challenging market. Emaar’s sales achievements in 2019 are a testament to the products and people behind these innovations. Each year we set the bar higher, raising expectations across the business to ensure Emaar maintains the level of excellence the brand is synonymous with. Optimising resources, improving efficiency and maximising our productivity has directly contributed to enhancing our performance and positively impacted our results."
He added, "Our main focus is to bring the best talent to achieve our goals consistently. Our resources are focused on enhancing our customer happiness while providing superior results to our shareholders. We are also implementing new digital initiatives which will significantly enhance the value of our properties and assets to our customers whilst enabling us to innovate through new products and services."
Emaar Hospitality’s latest project in Dubai has been the Address Sky View. The 260 metre property was designed by the same architects as those behind the Burj Khalifa and features 169 hotel rooms and 551 apartments. At the time of writing there are 13 Address properties in the pipeline, including hotels planned for Fujairah, Sharjah, Makkah, Istanbul and the Maldives.