February 25, 2024
Business Real Estate UAE

Property sales net Emaar Development AED37 billion in 2023

Developer unveils 27 new projects in the UAE

Emaar Development, a prominent UAE-based property development company, achieved a 22% surge in property sales in 2023, reaching AED37.4 billion ($10.2 billion) compared to AED30.7 billion (US$8.4 billion) in 2022.

The property sales performance is credited to the launch of 27 new projects in the UAE, spanning various expert plans and establishing a robust foundation for future revenue growth.

Emaar Development reported robust financial figures for 2023, with an EBITDA of AED8 billion ($2.2 billion) and a net profit of AED6.6 billion ($1.8 billion), marking impressive increases of 89% and 74%, respectively, compared to 2022.

The company now holds a substantial property sales backlog of AED57.1 billion ($15.5 billion), anticipated to be recognised as revenue in the upcoming years.

In Ras Al Khaimah

One of the noteworthy unveilings in the fourth quarter of 2023 was the Address Residences Al Marjan Island in Ras Al Khaimah emirate.

This luxurious development, encapsulating the Address Al Marjan Island resort, combines elegance with the serenity of island living. The development boasts contemporary design, serene interiors, and breathtaking sea views, offering a range of living options from apartments to villas.

Earlier in the year, Emaar introduced The Oasis by Emaar, one of Dubai’s largest and most prestigious lifestyle destinations.

Covering an expansive land area exceeding 100 million square feet (9.4 million square metres) and with a total development value of approximately $20 billion, The Oasis by Emaar features architectural designs by renowned international architects and interiors crafted by prominent designers.

The development focuses on delivering over 7,000 residential units, including large mansions and villas with spacious plots, providing residents with stunning views of water canals, lakes, and parks.

Mohamed Alabbar, founder of Emaar, expressed satisfaction with the company’s consistent performance, highlighting the strategic focus on developing premier residential properties, retail, hospitality, and entertainment environments.

Alabbar attributed the company’s property sales success to understanding market trends and delivering high-quality developments, ensuring sustained growth and success.

Buoyant market

Dubai’s buoyant real estate market, a hub for trade, financial services, logistics, travel, and hospitality, aligns with Emaar’s impressive 2023 sales records.

This aligns with Dubai’s ambitious ‘D33 Agenda,’ aiming to double the city’s GDP by 2033 by focusing on growth, foreign investment, and trade. The agenda aspires to position Dubai among the top global destinations for business and tourism.

In 2023 alone, in terms of property sales, Emaar Development delivered over 12,000 residential units across prime locations in Dubai, contributing to more than 70,000 residential units delivered since 2002.

Additionally, there are over 25,500 residences currently under development in the UAE.

Emaar Development remains a high cash flow generating business, with unique freehold expert-planned communities in Dubai, including Emirates Living, Downtown Dubai, Dubai Marina, Arabian Ranches, Dubai Creek Harbour, Dubai Hills Estate, Emaar South, Rashid Yachts & Marina, among others.

The company’s robust fundamentals and extensive development pipeline underscore its position as a key player in Dubai emirate’s real estate market.

Featured image: Emaar Development delivered over 12,000 residential units in Dubai in 2023. Image: Emaar Development

    Middle East News 247

    Middle East News 247

    Middle East News 247 delivers trending business and lifestyle news and essential infotainment for, and from the Middle East region, with key focus on the GCC nations: United Arab Emirates (UAE), Saudi Arabia, Qatar, Bahrain, Kuwait, and Oman.
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