Emaar Development PJSC has reported a 25% increase in property sales, reaching Dh28.9 billion ($7.9 billion) in the first nine months of 2023, compared to Dh23.2 billion ($6.3 billion) for the same period in 2022. The company attributes this performance to the successful launch of 20 new projects across various master plans, setting the stage for future revenue.
One highlight is the launch of Palmiera, the latest lifestyle destination within The Oasis, with an estimated development value of around $20 billion for the entire project, presenting more than 7,000 residential spaces, predominantly expansive mansions and villas. These residences offer captivating views of water channels, lakes, and green spaces.
In the first nine months of 2023, Emaar Development reported an Ebitda of Dh4.5 billion ($1.2 billion) and net profit of Dh4.1 billion ($1.1 billion), marking an increase of 36% and 43% compared to the same period in 2022, respectively. The company also has a sales backlog of Dh59.6 billion ($16.2 billion) that will be recognized as revenue in the coming years.
Founder of Emaar, Mohamed Alabbar, commented on the company’s performance, stating, “Our sustained performance in Q3 is a testament to Emaar Development’s dedication to excellence and keen market insight. The upward trend in our sales backlog is indicative of the unwavering trust our clients place in our ventures. It’s a reaffirmation that our developments continue to resonate with the market’s aspirations.”
He further added, “Such milestones not only position Emaar Development at the forefront of the industry but also reinforce our commitment to consistently enhance value for our loyal shareholders.”
In the first nine months of 2023, Emaar Development delivered over 7,800 residential units in prime locations such as Downtown Dubai, Dubai Creek Harbour, Arabian Ranches, Dubai Hills Estate, Emaar Beachfront, Dubai Marina, and Emaar South. As of September 2023, Emaar has delivered over 66,000 residential units, with over 27,000 residences currently under development in the UAE.
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