Staff Report,
Dubai, UAE
Emaar Development PJSC, the UAE build- to-sell property development division of Emaar Properties PJSC, achieved in Q1 2024 a 50 percent increase in property sales reaching Dh12.9 billion (US$3.5 billion) compared to Dh8.6 billion (US$2.3 billion) in Q1 2023. This performance resulted from Emaar Development’s successful property launches, which created a good revenue pipeline for the future and marked steady progress towards the company’s strategic initiatives to further cement its position as a trusted developer. The division has reported an Earnings before Interest, Taxation, Depreciation, and Amortisation (EBITDA) of Dh1.7 billion (US$463 million) in Q1 2024, 48 percent higher than Q1 2023.
Emaar now has a sales backlog of Dh65.7 billion (US$17.9 billion), which will be recognised as revenue in the coming years due to robust performance.
Emaar Development successfully launched 10 projects across various master plans during the first quarter of 2024.
During the first quarter of 2024, Emaar made a significant acquisition of a land plot measuring 60 million square feet near to The Oasis masterplan, with a development value of Dh41 billion (US$11 billion). This compliments the 81 million square feet of land purchased in December 2023 in the same vicinity. Emaar announced the launch of these two major developments on these lands as well: The Heights Country Club & Wellness and Grand Polo Club & Resort, spanning over a total 141 million square feet of land, with a combined development value of Dh96 billion (US$26 billion).
Emaar’s founder, Mohamed Alabbar, said, “The company began the year 2024 with strong financial results, which demonstrate our superior sales execution capabilities as well as our ongoing efforts to further enhance operational efficiencies. Our growing backlog reflects the strong demand in our primary markets. Our strategic positioning allows us to accelerate growth and deliver unmatched value to our shareholders, thereby reinforcing our role in Dubai’s economic vitality.”
Dubai continues to lead as a business hub for trade, financial services, logistics, travel, and hospitality, with growth in emerging sectors such as technology, renewable energy, healthcare, and education. As evidenced by Emaar Development’s sales growth in the first quarter of 2024, the region attracts a community of skilled professionals and a continued investment in the region’s consistent growth potential.
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Also read: Emaar Properties announces US$1.2 bn dividend for 2023
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