Emaar Development PJSC has announced a remarkable surge in property sales, registering a 25% increase to reach Dh28.9 billion ($7.9 billion) in the first nine months of 2023.
This substantial growth, compared to Dh23.2 billion ($6.3 billion) in the same period of 2022, is attributed to strategic project launches across various master plans, laying the foundation for future revenue streams.
Pinnacle of Luxury – Palmiera Unveiled:
Emaar Development revealed its latest lifestyle destination, Palmiera, within The Oasis, with an estimated development value of around $20 billion for the entire project.
The Oasis presents over 7,000 residential spaces, featuring expansive mansions and villas with breathtaking views of water channels, lakes, and lush greenery.
Strong Financial Performance:
For the first nine months of 2023, Emaar Development reported an Ebitda of Dh4.5 billion ($1.2 billion) and a net profit of Dh4.1 billion ($1.1 billion).
This reflects a robust growth of 36% and 43%, respectively, compared to the same period in 2022.
The company’s financial strength is further emphasized by a sales backlog of Dh59.6 billion ($16.2 billion), earmarked for recognition as revenue in the upcoming years.
Mohamed Alabbar’s Perspective:
Mohamed Alabbar, Founder of Emaar, expressed satisfaction with the sustained performance, attributing it to Emaar Development’s dedication to excellence and market insight.
He highlighted the growing trust clients place in their ventures. He emphasized that these milestones position Emaar at the forefront of the industry while consistently reinforcing its commitment to enhancing shareholder value.
Residential Unit Deliveries and Ongoing Developments:
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 successfully delivered over 66,000 residential units, with an additional 27,000 residences currently under development in the UAE.
These accomplishments underscore Emaar Development’s position as a key player in the real estate sector, aligning with market aspirations and consistently meeting the demands of a discerning clientele.
