Staff Report,
Dubai, UAE
Emaar Development PJSC, one of UAE’s premier property developers specialising in the build-to-sell property development business and a subsidiary of Emaar Properties PJSC, has recorded a 74 percent annual profit jump to US$1.8 billion (Dh6.6 billion) in 2023. It made property sales worth US$10.2 billion (Dh37.4 billion), an increase of 22 percent in 2023, and also recorded a rise in Earnings Before Interest, Taxation, Debt, and Amortisation (EBITDA) by 89 percent to US$2.2 billion (Dh8 billion). The company has revealed a sales backlog of US$15.5 billion (Dh57.1 billion) which will be recognised as revenue in the coming years.
This performance is attributed to the 27 launches of new projects across various master plans, creating a foundation for future revenue.
In the final quarter of 2023, Emaar Development unveiled Address Residences Al Marjan Island in Ras Al Khaimah. This exclusive development, encircling the Address Al Marjan Island resort, offers a range of living options from apartments to villas, all featuring contemporary design and offering views of the sea.
Earlier in 2023, Emaar revealed its newest lifestyle destination, The Oasis by Emaar, one of Dubai’s largest and most prestigious developments, launching the first communities in Palmiera. Covering a total land area of more than 100 million square feet and with a total development value of approximately US$20 billion (Dh73.4 billion), The Oasis is composed of over 7,000 residential units focusing on large mansions and villas with spacious plots, providing residents with views of water canals, lakes, and parks.
“Emaar’s consistent performance in enhancing sales and profitability reflects our strategic focus on developing premier residential properties, retail, hospitality, and entertainment environments. Our commitment to excellence resonates with our clientele, reinforcing their confidence in our brand. Understanding market trends and delivering high-quality developments are key drivers of this trust. Emaar’s robust project pipeline and our keen market insights ensure we remain on a path of sustained growth and success,” said Mohamed Alabbar, founder of Emaar.
During 2023, Emaar Development has 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, Emaar has delivered more than 70,000 residential units, with over 25,500 residences currently under development in the UAE.
Following its stellar performance in 2023, Emaar Development is projected to crucially drive the growth of Dubai’s real estate industry in 2024.
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Also read: Emaar’s net profit jumps 70% to US$3.2 billion in 2023
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