BASED ON PRESS RELEASE : BY EMAARDEV ON NOV 09, 2023
Emaar Development Soars: A Look at the Numbers and the Oasis Project
Emaar Development, the leading property development company in the UAE, has marked a remarkable achievement in the first nine months of 2023, recording a 25% increase in property sales, reaching AED 28.9 billion (US$ 7.9 billion). Moreover, the company witnessed a staggering 43% increase in net profit, reaching AED 4.1 billion (US$ 1.1 billion). These figures underscore Emaar Development’s unwavering commitment to excellence and innovation in the real estate sector.
Amidst this success, Emaar introduces Palmiera at The Oasis, a luxurious lifestyle destination set to redefine modern living in Dubai. The Oasis, with an estimated development value of around USD 20 billion, promises an unparalleled experience with iconic architectural masterpieces and exquisite interiors designed by renowned international experts. Palmiera, the first phase of this ambitious project, offers over 7,000 residential spaces, including expansive mansions and villas overlooking picturesque water channels, lakes, and lush greenery.
Performance Highlights
In addition to the remarkable sales figures, Emaar Development reported an EBITDA of AED 4.5 billion (US$ 1.2 billion) and a net profit of AED 4.1 billion (US$ 1.1 billion) in the first nine months of 2023, representing a significant increase compared to the same period in 2022. The company’s sales backlog stands at AED 59.6 billion (US$ 16.2 billion), highlighting the promising outlook for future revenue.
Delivery Updates
Emaar Development’s commitment to delivering excellence is evident in its delivery of over 7,800 residential units in prime locations such as Downtown Dubai, Dubai Creek Harbour, Arabian Ranches, and more during the first nine months of 2023. With over 66,000 residential units already delivered and over 27,000 residences currently under development in the UAE, Emaar continues to shape the landscape of urban living.
Commenting on the company’s success, Mohamed Alabbar, the founder of Emaar, emphasized Emaar Development’s dedication to excellence and market insight. He expressed gratitude for the trust clients place in their ventures and reiterated the company’s commitment to enhancing value for shareholders.
About Emaar Development PJSC
Emaar Development is a pioneer in residential and commercial build-to-sell assets in the UAE, responsible for iconic master-planned communities such as Emirates Living, Downtown Dubai, and Dubai Marina. With a sales backlog of over AED 59.6 billion and a robust pipeline of residential units under development, Emaar Development continues to lead the way in shaping the future of urban living in the UAE.
