Staff Report
Dubai, UAE
Emaar Development PJSC, the UAE build- to-sell property development business that is majority-owned by Emaar Properties PJSC, announced that it achieved a revenue of Dh7.3 billion (US$2 billion) in H1 2024, marking an increase of 65 percent from H1 2023. Its property sales rose 56 percent in H1 2024, reaching Dh29.7 billion (US$8.1 billion) from Dh19 billion (US$5.2 billion) in H1 2023. Its earnings before interest, tax, depreciation, and amortisation (EBITDA) was 47 percent higher than first half of 2023, amounting to Dh3.4 billion (US$922 million).
This performance resulted from Emaar Development’s successful property launches, which created a strong revenue pipeline for the future and marked steady progress towards the company’s strategic initiatives to further cement its position as a trusted developer.
Furthermore, Emaar now has a sales backlog of Dh74.2 billion (US$ 20.2 billion), which will be recognised as revenue in the coming years.
Mohamed Alabbar, Emaar’s founder, said, “In the first half of 2024, Emaar has demonstrated remarkable resilience and outstanding performance. Our financial results highlight our strategic acumen and the dedication of our entire team. The increasing demand reflected in our growing backlog speaks volumes about the trust our customers place in us. By continuing to enhance operational efficiencies and being firm to our strategic vision, we are committed to delivering exceptional value to our shareholders and contributing meaningfully to Dubai’s economic growth.”
During the first half 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).
During the second quarter of 2024, Emaar Development launched the second phase of its masterplan, The Valley.
These developments demonstrate Emaar’s vision to create the highest standards of luxury living experiences and strategically position the company to launch a substantial number of villas and townhouses, which are expected to boost sales and profitability of the global property developer.
Dubai continues to lead as a business hub for trade, financial services, logistics, travel, and hospitality, while also experiencing growth in emerging sectors such as technology, renewable energy, healthcare, and education. Emaar Development’s sales growth in the first half of 2024 highlights the region’s ability to attract a community of skilled professionals and sustain ongoing investment in its consistent growth potential.
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Also read: Emaar Development property sales jump 50% in Q1 2024
