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Emaar Development reports 50% rise in Q1 property sales

Emaar Development’s sales backlog has increased to Dhs65.7bn, which will be recognised as revenue in the coming years

May 14, 2024

Image: Emaar

Emaar Development, the build-to-sell property development enterprise majority-owned by Emaar Properties, reported a robust 50 per cent surge in property sales, amounting to Dhs12.9bn ($3.5bn) compared to Dhs8.6bn ($2.3bn) in Q1 2023.

The performance is attributed to Emaar Development’s strategic property launches, fostering a robust revenue pipeline and advancing the company’s long-term objectives.

In Q1 2024 alone, the company successfully unveiled 10 projects across various master plans, showcasing its commitment to delivering exceptional living experiences.

The company also received a significant boost with its recent acquisition of an expansive land plot spanning 60 million square feet near The Oasis masterplan, valued at Dhs41bn ($11bn).

Complementing this acquisition is the purchase of an additional 81 million square feet of land in December 2023, laying the groundwork for two monumental developments: The Heights Country Club & Wellness and Grand Polo Club & Resort.

These projects cover a total of 141 million square feet and are valued at Dhs96bn ($26bn).

Commenting on the company’s performance, Mohamed Alabbar, founder of Emaar, said, “The strong financial results at the outset of 2024 underscore our unwavering commitment to excellence in sales execution and operational efficiencies.

“With a burgeoning sales backlog of Dhs65.7bn ($17.9bn), we are poised to capitalise on Dubai’s economic dynamism and deliver unparalleled value to our stakeholders.”

Highlights of Emaar Development’s Q1 performance

The company achieved a 50 per cent increase in property sales, reaching Dhs12.9bn ($3.5bn) in Q1 2024.
Strategic property launches and acquisitions contribute to robust revenue pipeline and long-term growth.
Acquisition of 60 million square feet of land near The Oasis masterplan, valued at Dhs41bn ($11bn).
Launch of two major developments, The Heights Country Club and Wellness and Grand Polo Club & Resort, totalling 141 million square feet and valued at Dhs96bn ($26bn).
Earnings before interest, taxes, depreciation, and amortisation (EBITDA) of Dhs1.7bn ($463m), marking a 48 per cent increase from Q1 2023.
A strong sales backlog of Dhs65.7bn ($17.9bn), marking sustained growth momentum and shareholder value.