DUBAI, UAE – Emaar Development’s property sales increased by 25 percent, reaching AED 28.9 billion (US$ 7.9 billion) in the first nine months (January to September) of 2023 compared to AED 23.2 billion (US$ 6.3 billion) for the same period in 2022.
In the first nine months of 2023 (January to September), Emaar Development reported an EBITDA of AED 4.5 billion (US$ 1.2 billion) and net profit of AED 4.1 billion (US$ 1.1 billion), an increase of 36 percent and 43 percent compared to the same period in 2022, respectively.
This performance is attributed to the 20 successful launches of new projects across various master plans, creating a foundation for future revenue.
Emaar Development has a sales backlog of AED 59.6 billion (US$ 16.2 billion), which will be recognized as revenue in the coming years.
Mohamed Alabbar, Founder of Emaar, said, “Our sustained performance in Q3 is a testament to Emaar Development’s dedication to excellence and keen market insight.”
He said, “The upward trend in our sales backlog is indicative of the unwavering trust our clients place in our ventures. It’s a reaffirmation that our developments continue to resonate with the market’s aspirations.”
He added, “Such milestones not only position Emaar Development at the forefront of the industry but also reinforce our commitment to consistently enhance value for our loyal shareholders.”
In the first nine months of 2023, Emaar Development delivered over 7,800 residential units in prime locations such as Downtown Dubai, Dubai Creek Harbour, Arabian Ranches, Dubai Hills Estate, Emaar Beachfront, Dubai Marina and Emaar South.
Emaar has delivered over 66,000 residential units as of September 2023, with over 27,000 residences currently under development in the UAE.