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Emaar Development Reports Impressive Growth: Property Sales Surpass AED 28.9 Billion and Net Profit Rises by 43% in the First Nine Months of 2023

Published by UAE Business

Emaar Development, the leading property development company in the UAE, has maintained its momentum in property sales throughout the third quarter of 2023. The company achieved a remarkable 25% increase in property sales, reaching AED 28.9 billion (US$ 7.9 billion) in the first nine months of the year, compared to AED 23.2 billion (US$ 6.3 billion) during the same period in 2022. This success can be attributed to the launch of 20 new projects across various master plans, setting the stage for future revenue growth.

One of the notable projects unveiled by Emaar is Palmiera, a lifestyle destination within The Oasis. With an estimated development value of approximately USD 20 billion for the entire project, The Oasis features iconic architectural masterpieces designed by globally renowned architects and interiors crafted by famous international designers. The development consists of over 7,000 residential spaces, primarily mansions and villas, offering stunning views of water channels, lakes, and green landscapes.

Emaar Development’s financial performance in the first nine months of 2023 has also been exceptional. The company reported an EBITDA of AED 4.5 billion (US$ 1.2 billion) and a net profit of AED 4.1 billion (US$ 1.1 billion), marking a significant increase of 36% and 43% respectively, compared to the same period in 2022.

Looking ahead, Emaar Development has a sales backlog of AED 59.6 billion (US$ 16.2 billion), which will contribute to revenue in the coming years. The company’s founder, Mohamed Alabbar, expressed pride in the sustained performance, attributing it to Emaar Development’s commitment to excellence and market insight. Alabbar also emphasized the trust that clients place in their ventures and the company’s dedication to enhancing shareholder value.

In terms of project deliveries, Emaar Development has accomplished over 7,800 residential units across prime locations such as Downtown Dubai, Dubai Creek Harbour, Arabian Ranches, Dubai Hills Estate, Emaar Beachfront, Dubai Marina, and Emaar South in the first nine months of 2023. To date, Emaar has delivered more than 66,000 residential units, with over 27,000 residences currently under development in the UAE.

Photo credit: Photographer Timo Volz (Pexels.com)

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