Dubai-based Emaar Properties posted revenues of AED 17.4 bn in the first nine months of 2018, is 30% higher than revenues worth AED 13.4 bn logged in the year-ago period, Invest-Gate reports.

The results were driven by robust growth achieved by Emaar Development, the UAE build-to-sale property development business majority owned by Emaar, and marked performance by Emaar Malls, according to the company’s statement on November 14.

“Emaar’s net profit for the first nine months (January to September) of 2018 was of AED 5.3 bn, a growth of 28%, prior to considering the effect of the IPO of Emaar Development and forex movement, compared to the net profit of AED 4.1 bn during the same period last year,” read the statement.

Emaar’s shopping malls, hospitality, and leisure businesses recorded revenues of AED 5.2 bn during the same period, 17% higher than revenues of AED 4.4 bn in the first nine months of 2017, which represents 30% of the company’s total revenues.

In addition, Emaar Development recorded revenues of AED 10 bn, accounting for 58% of the total revenues – a surge of 54% versus the January-September period of 2017. Emaar Development’s net profit also soared by 19% to AED 2.5 bn over the same period last year, according to the statement.

Emaar Hospitality’s brands – Address Hotels + Resorts, Vida Hotels and Resorts, and Rove Hotels – continued to record higher occupancy than Dubai’s industry average. The developer runs 19 operational hotels and four serviced residences in Dubai and internationally, in addition to over 35 upcoming hotel projects in key cities globally.

Speaking on the results, Mohamed Alabbar, chairman of Emaar Properties, said, “Our commitment to our customers and stakeholders is to create continued value, which reflects in the strong performance of our core businesses. We focus on continuously evolving our businesses to meet the aspirations of today’s customers. By investing in digital technology and by innovating new lifestyle environments, we are creating assets that shape the future.”

Emaar is ranked as the world’s largest property company outside China, with a brand value of over AED 10 bn, making it the first choice for international investors seeking high-value returns. The property developer is also among the top ten brands in the Middle East led by its strategic new developments, with its brand value leaping by 39% in the past year.