Emaar Properties was instrumental in boosting the entire real estate market, which last year continued to be driven by foreign investor demand, Mohammad Ali Al Abbar, chairman, said yesterday.

"Emaar handed over 8,000 homes to owners and launched nearly 40 real estate projects, including the prestigious Burj Dubai development," he said while announcing the results.

"The real estate market in Dubai experienced unprecedented growth in 2004. All residential units announced in our launches last year have been sold successfully."

The speed with which the company has been able to lead and grow the market has been a challenge, he said.

The company yesterday reported a 150 per cent surge in net profit to Dh1.691 billion, on the back of a 41 per cent jump in property revenues to Dh5.248 billion.

Al Abbar said demand continues to be driven by strong interest in property acquisition by Gulf nationals, expatriate residents and overseas investors.

"With more development projects coming on stream and ambitious plans for the year ahead, Emaar expects to maintain growth in 2005 and further build on its financial strength."

The company's success is symbolic in the iconic world class development, the Burj Dubai tower, which was officially launched in 2004 in the presence of General Shaikh Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Defence Minister in 2004.

The 2004 financial results are a testimony of its ability to take the Emaar brand to new markets, Al Abbar indicated.

"We are always on the lookout for new strategic initiatives, which build value for our shareholders.

"Real estate markets are evolving across the Middle East and Saudi Arabia in particular. These evolutions challenge us to greater heights."

The past year saw the company push forward a new expansion strategy pursuing collaborations with partners and targeting opportunities in Saudi Arabia, Egypt, Jordan, Libya, Morocco, Lebanon, Turkey, India as well as other international markets.

In early 2004, the company announced the signing of the letter of intent to establish a worldwide group of luxury hotels and vacation resorts in partnership with Giorgio Armani.

The first 'Armani Hotel' will be an integral part of the Burj Dubai tower, which opens in 2008.

The company also established a joint venture with Al Oula Real Estate to set up Emaar Middle East to focus on developments in Saudi Arabia and other GCC countries.

It signed a deal with the Andhra Pradesh state government to set up commercial, residential and leisure facilities along with a convention centre in the south Indian city of Hyderabad.