Emaar Development, the UAE's premier property development company specialising in build-to-sell properties, said its property sales increased 25%, reaching AED19 billion ($5.2 billion) for the first half (H1) of 2023 compared to AED15.2 billion ($4.1 billion) in H1 2022.
This performance is attributed to the 16 successful launches of new projects across various master plans, creating a pipeline for future revenue, the company said.
Emaar Development is majority-owned by Emaar Properties.
Performance Highlights
In H1 2023, Emaar Development reported an EBITDA of AED2.3 billion ($627 million) and a net profit of AED2.2 billion ($593 million), similar to the first half of 2022.
Emaar Development has a sales backlog of AED53.2 billion ($14.5 billion), which will be recognised as revenue in the coming years, it said.
Mohamed Alabbar, the Founder of Emaar, said: "Emaar Development's sales and operational efficiencies have contributed to positive results, allowing us to achieve another quarter of solid sales growth.The notable growth in our backlog indicates a healthy demand in our key markets and affirms the positive returns from our investments in major products.
"These accomplishments reinforce Emaar Development's position as an established industry player, providing increased benefits and value to our valued shareholders. We remain committed to maximising their returns on investment," he added.
New Lifestyle Destination
In June, Emaar revealed its newest lifestyle destination, The Oasis by Emaar, one of Dubai's largest and most prestigious developments, covering a total land area of more than 100 million sq ft (9.4 million sq ms).
With a total development value of about $20 billion, the development boasts exceptional architectural design by the world's most famous architects, with interiors created by prominent international designers.
The Oasis offers over 7,000 residential units focusing on large mansions and villas with spacious plots, providing residents with stunning views of water canals, lakes, and parks.
Delivery Updates
In the first half of 2023, Emaar Development delivered approximately 5,100 residential units in prime locations such as Dubai Hills Estate, Dubai Creek Harbour, Downtown Dubai, Emaar Beachfront, Arabian Ranches, Dubai Marina and Emaar South. Emaar has delivered over 63,000 residential units as of June 2023, with over 28,000 residences currently under development in the UAE. - TradeArabia News Service
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