Emaar Development, a leading UAE property development firm primarily owned by Emaar Properties, has reported robust financial growth and significant sales momentum during the third quarter of 2024.
The company, renowned for its build-to-sell assets, saw its property sales surge by 66% to AED 48 billion (US$ 13.1 billion) in the first nine months of 2024, compared to AED 28.9 billion (US$ 7.9 billion) during the same period in 2023.
The company’s success was driven by 50 new project launches across its various masterplans, further solidifying Emaar’s dominant market position and positioning it for continued growth. Revenue reached AED 12.5 billion (US$ 3.4 billion) from January to September 2024, reflecting a 69% increase from the prior year. Additionally, Emaar’s EBITDA rose by 35% to AED 6 billion (US$ 1.6 billion) for the same period.
Emaar’s sales backlog has also grown, reaching AED 83.7 billion (US$ 22.8 billion), up 47% since December 2023. This backlog is expected to provide a steady revenue stream in the years ahead.
Emaar’s founder, Mohamed Alabbar, credited the company’s success to its innovative approach and alignment with market trends, saying,
“Our performance this quarter reflects the confidence and trust that our customers place in Emaar’s vision. By continuing to innovate and stay ahead of market trends, we create experiences that resonate with evolving lifestyles. Our strategy is centred on adding sustainable value for both our customers and shareholders, driving growth that aligns with Dubai’s ambitions.”
Emaar’s performance underscores its leadership in Dubai’s property sector, signaling a bright outlook for the company's future.
News Source: Emirates News Agency
