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The property developer reports a revenue of AED 7.3 billion in the first half of 2024
August 09, 2024 | Staff Reporter | UAE | Developers
Emaar Development PJSC, the UAE build- to-sell property development business that is majority-owned by Emaar Properties PJSC, achieved 56% increase in property sales reaching to AED 29.7 billion (US$ 8.1 billion) for the first half of 2024 (January to June) compared to AED 19 billion (US$ 5.2 billion) for the first half of 2023. 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 real estate developer.
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 AED 41 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 AED 96 billion (US$ 26 billion).
During the second quarter of 2024 (April to June), 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, reinforcing our position as a leading global property developer.
“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.”
Mohamed Alabbar, Founder of Emaar
In the first half of 2024 (January to June), Emaar Development reported a revenue of AED 7.3 billion (US$ 2 billion) and an EBITDA of AED 3.4 billion (US$ 922 million), 65% and 47% higher than the first half of 2023, respectively. Emaar now has a sales backlog of AED 74.2 billion (US$ 20.2 billion), which will be recognised as revenue in the coming years.
Emaar's founder, Mohamed Alabbar, 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.”
