Emaar Development, a leading UAE property development business, saw a 50 per cent increase in property sales in the first quarter of 2024, reaching Dh12.9 billion compared to Dh8.6 billion in the same period last year. This growth was fueled by successful property launches that laid the groundwork for future revenue streams and supported the company’s strategic objectives. Throughout the quarter, Emaar Development introduced 10 projects across various master plans, showcasing a strong commitment to innovation and quality.
One of the key highlights of the quarter was Emaar Development’s acquisition of a 60 million square feet land plot near The Oasis masterplan, with a development value of Dh41 billion. This acquisition, coupled with the purchase of 81 million square feet of land in December 2023, sets the stage for two major developments: The Heights Country Club & Wellness and Grand Polo Club & Resort. These projects, spanning over a total of 141 million square feet with a combined development value of Dh96 billion, are expected to significantly boost sales and profitability for Emaar Development.
The company’s performance in the first quarter of 2024 was impressive, with an Ebitda of Dh1.7 billion, marking a 48 per cent increase from the same period in 2023. Emaar now boasts a sales backlog of Dh65.7 billion, which will be converted into revenue in the coming years, further solidifying its financial position. Founder Mohamed Alabbar expressed his satisfaction with the company’s strong financial results and highlighted the ongoing efforts to enhance operational efficiencies and meet market demand effectively.
Dubai’s status as a key business hub for various industries, including trade, finance, logistics, travel, and hospitality, continues to attract skilled professionals and investors seeking opportunities in emerging sectors like technology, renewable energy, healthcare, and education. Emaar Development’s robust sales growth in the first quarter of 2024 reflects the region’s sustained growth potential and the company’s strategic positioning to capitalize on market opportunities. With a focus on delivering unparalleled value to shareholders, Emaar Development aims to contribute to Dubai’s economic vitality and cement its reputation as a leading global property developer.
