Emaar Development, a leading property development company in the UAE, has reported a significant increase in sales backlog and revenue for the first quarter of 2024. The company’s sales backlog has surged to AED 65.7 billion (US$ 17.9 billion), which will be recognized as revenue in the coming years, showcasing a strong performance and growth trajectory.
In addition to the impressive sales figures, Emaar Development has also announced the launch of two major developments – The Heights Country Club & Wellness and Grand Polo Club & Resort. These developments, spanning over a total of 141 million square feet of land, have a combined development value of AED 96 billion (US$ 26 billion). This strategic move is expected to further enhance Emaar’s sales and profitability, solidifying its position as a trusted developer in the region.
The first quarter of 2024 saw Emaar Development achieve a 50% increase in property sales, reaching AED 12.9 billion (US$ 3.5 billion) compared to the same period in 2023. This growth can be attributed to the successful launch of 10 projects across various master plans, creating a robust revenue pipeline for the future.
One of the key highlights of the quarter was Emaar’s acquisition of a land plot measuring 60 million square feet near The Oasis masterplan, with a development value of AED 41 billion (US$ 11 billion). This strategic move complements the company’s existing land portfolio and sets the stage for the launch of The Heights Country Club & Wellness and Grand Polo Club & Resort, two prestigious developments that aim to set new standards in luxury living experiences.
Emaar Development’s founder, Mohamed Alabbar, expressed his satisfaction with the company’s performance, stating, “The company began the year 2024 with strong financial results, which demonstrate our superior sales execution capabilities and ongoing efforts to enhance operational efficiencies. Our growing backlog reflects the strong demand in our primary markets, allowing us to accelerate growth and deliver unmatched value to our shareholders.”
The strong performance of Emaar Development is a testament to Dubai’s position as a thriving business hub, attracting skilled professionals and investment in various sectors. The region’s consistent growth potential continues to drive demand for premium real estate offerings, positioning companies like Emaar Development for sustained success in the market.
With a solid sales backlog, strategic developments, and a commitment to excellence, Emaar Development is poised for continued growth and success in the competitive real estate landscape of the UAE.