Emaar Development PJSC, the UAE’s leading property development company, majority-owned by Emaar Properties PJSC, announced on Monday that property sales surged by 66 percent to Dh48 billion ($13.1 billion) during the first nine months of 2024. This marks a significant increase from Dh28.9 billion recorded in the same period of 2023. In the first nine months of 2024 (January to September), Emaar Development posted a revenue of Dh12.5 billion and earnings before interest, taxes, depreciation, and amortisation (Ebitda) of Dh6 billion, representing increases of 69 percent and 35 percent respectively compared to the first nine months of 2023.
With sales showing a sustained upward trend, Emaar’s sales backlog has now reached Dh83.7 billion, a 47 percent increase from December 2023, which is expected to be recognised as revenue in the coming years. Mohamed Alabbar, the founder of Emaar, stated: “Our performance this quarter underscores the confidence and trust our customers have in Emaar’s vision. By continuously innovating and staying ahead of market trends, we deliver experiences that meet the evolving needs of modern lifestyles. Our strategy focuses on creating sustainable value for both our customers and shareholders, aligning our growth with Dubai’s ambitious goals.”
Dubai’s rapid population growth has cemented its status as a global hub for trade, financial services, logistics, travel, and hospitality. With the city’s population approaching 3.8 million and continuing to grow, the demand for housing, infrastructure, and services is expanding at an extraordinary rate. This growth is also fueled by emerging sectors such as technology, renewable energy, healthcare, and education, which are attracting a diverse community of skilled professionals.
“Emaar Development’s robust sales performance in the first nine months of 2024 highlights the region’s capacity to manage this population surge while maintaining high levels of investment and economic growth,” the company stated in a release.
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