Emaar Development PJSC, the cornerstone of the UAE’s upscale property market and majority-owned by Emaar Properties PJSC, has announced a robust 25% uptick in its property sales for the first half of 2023, achieving an astounding AED 19 billion (US$ 5.2 billion). This marks a significant increase from AED 15.2 billion (US$ 4.1 billion) in the same period last year.
Emaar’s impressive growth was bolstered by the launch of 16 new projects in various master plans, strategically positioning them for incoming revenue streams.
The limelight, however, was stolen by the revelation of Emaar’s latest luxury brainchild – “The Oasis by Emaar.” Occupying over 100 million square feet (9.4 million square meters), The Oasis is not just another property development; it embodies Emaar’s vision for luxury living. With an estimated development value hovering around USD 20 billion, it presents unmatched architectural masterpieces from globally-renowned architects and interiors crafted by leading international designers.
Promising unparalleled elegance, The Oasis houses over 7,000 residential units. This ambitious project emphasizes spacious mansions and villas. Residents are pledged to idyllic views encompassing tranquil water canals, pristine lakes, and verdant parks, underscoring Emaar’s commitment to luxury and quality.
Financial Performance
The company’s financial health looks promising. In H1 2023, Emaar Development clocked an EBITDA of AED 2.3 billion (US$ 627 million) and a net profit echoing AED 2.2 billion (US$ 593 million), mirroring the financials of H1 2022.
Moreover, a whopping sales backlog of AED 53.2 billion (US$ 14.5 billion) is set to be recognized as future revenue.
Founder of Emaar, Mohamed Alabbar, proudly remarked, “Emaar Development’s tactical efficiencies have borne fruit, resulting in yet another quarter of remarkable sales growth.” He highlighted the growth, “The surge in our backlog paints a picture of healthy demand across our primary markets, a testament to the positive yields from our significant product investments.”
He further emphasized Emaar Development’s stature in the industry, ensuring maximum ROI for their shareholders.
Emaar’s Growing Footprint
Highlighting its dominance in the property landscape, Emaar Development successfully handed over about 5,100 residential units in prime hotspots like Dubai Hills Estate, Dubai Creek Harbour, Downtown Dubai, Emaar Beachfront, Arabian Ranches, Dubai Marina, and Emaar South in the first half of 2023. As of June 2023, the tally is an impressive 63,000 delivered residential units, with a further 28,000 in the UAE’s pipeline.
With a relentless commitment to excellence and a keen eye on strategic growth, Emaar Development continues to redefine Dubai’s skyline and stamp its authority as the region’s premier property development entity.
For more on Emaar Development’s journey, visit their official website.
Written by: Anne Keam
