Emaar Development, the build-to-sell property development enterprise majority-owned by Emaar Properties, reported a robust 50 per cent surge in property sales, amounting to AED 12.9 B ($3.5B) compared to AED 8.6 B ($2.3B) in Q1 2023.
The performance is attributed to Emaar Development’s strategic property launches, fostering a robust revenue pipeline and advancing the company’s long-term objectives.
In Q1 2024 alone, the company successfully unveiled 10 projects across various master plans, showcasing its commitment to delivering exceptional living experiences.
The company also received a significant boost with its recent acquisition of an expansive land plot spanning 60 million square feet near The Oasis masterplan, valued at AED 41 B ($11B).
Complementing this acquisition is the purchase of an additional 81 million square feet of land in December 2023, laying the groundwork for two monumental developments: The Heights Country Club & Wellness and Grand Polo Club & Resort.
These projects cover a total of 141 million square feet and are valued at AED 96 B ($26B).
Commenting on the company’s performance, Mohamed Alabbar, founder of Emaar, said, “The strong financial results at the outset of 2024 underscore our unwavering commitment to excellence in sales execution and operational efficiencies.
“With a burgeoning sales backlog of AED 65.7 B ($17.9B), we are poised to capitalise on Dubai’s economic dynamism and deliver unparalleled value to our stakeholders.”
Key Highlights of Emaar Development’s Q1 Performance:
- 50 per cent increase in property sales, reaching AED 12.9 B ($3.5B) in Q1 2024.
- Strategic property launches and acquisitions contribute to robust revenue pipeline and long-term growth.
- Acquisition of 60 million square feet of land near The Oasis masterplan, valued at AED 41 B ($11B).
- Launch of two major developments, The Heights Country Club and Wellness and Grand Polo Club & Resort, totalling 141 million square feet and valued at AED 96 B ($26B).
- Earnings before interest, taxes, depreciation, and amortisation (EBITDA) of AED 1.7 B ($463M), marking a 48 per cent increase from Q1 2023.
- A strong sales backlog of AED 65.7 B ($17.9B), marking sustained growth momentum and shareholder value.