Emaar Development profit surges 74% in 2023 amid robust property sales in Dubai

Gulf Estate Gazette

10 months ago

Emaar Properties, in collaboration with the Roads and Transport Authority (RTA), commemorated the opening of the Dubai Metro Blue Line with a stunning projection on Burj Khalifa, a symbol of Dubai's ambition and progress. Image courtesy: Emaar Properties Source: Zawya.com

Emaar Development profit surges 74% in 2023 amid robust property sales in Dubai

Emaar Development, a majority-owned subsidiary of Emaar Properties, reported a 74% increase year-on-year (YoY) in net profit to 6.6 billion UAE dirhams ($ 1.8 billion) in 2023.

Property sales rose 22% to AED 37.4 billion in 2023, compared to AED 30.7 billion (US$ 8.4 billion) in 2022. The performance was driven by 27 new project launches across various master plans, the developer said in a statement to the Dubai Financial Market.

The company’s sales backlog stands at AED 57.1 billion, which will be recognised as revenue in the coming years.

“Emaar’s consistent performance in enhancing sales and profitability reflects our strategic focus on developing premier residential properties, retail, hospitality, and entertainment environments,” said Mohamed Alabbar, founder of Emaar.

“Emaar’s robust project pipeline and our keen market insights ensure we remain on a path of sustained growth and success,” he added.

Last year, Emaar Development delivered over 12,000 residential units across prime locations, including Dubai Hills Estate, Dubai Creek Harbour, Downtown Dubai, Emaar Beachfront, Arabian Ranches, Emaar South, Dubai Marina and The Valley.

As of December 2023, the company has delivered more than 70,000 residential units, with over 25,500 residences currently under development in the UAE.

Among the major launches was the $20 billion The Oasis by Emaar, which is one of Dubai’s largest developments. The master development will have over 7,000 residential units, comprising large mansions and villa plots.

(Editing by Seban Scaria Seban.scaria@lseg.com)

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.