Emaar Properties received the ‘Developer of the Year’ recognition at the Arabian Business Achievement Awards 2016, according to a press release issued Sunday.

The award citation praised the company for its master-planned communities in Dubai and its role in developing icons. It also noted Emaar’s growth in net profits of 19% in the first nine months of 2016.

The award ceremony was held at Armani Hotel Dubai, where Managing Director of Emaar Properties Ahmad Al Matrooshi received the award. The winners of the awards are chosen by a panel of experts from a shortlist of nominees that was drawn up by the executive editorial team of ITP. Further notable winners include Ayman Hariri as ‘Visionary of the Year’ and Dina El Mofty, CEO of Injaz Egypt, as ‘Young Achiever of the Year’ among many others.