Category: Business Segments

  • Emaar’s property sales backlog reaches AED 90.1 billion (US$ 24.5 billion), set to further boost future revenue
  • Net profit before tax grew by 33% to AED 7.8 billion (US$ 2.1 billion) in H1 2024 compared to H1 2023
  • Emaar announced AED 1.5 billion (US$ 408 million) investment to expand Dubai Mall, introducing 240 new luxury retail options

Dubai, United Arab Emirates – 8 August 2024: Emaar Properties PJSC (DFM: EMAAR) has released its financial results for the first half of 2024, showcasing consistent resilient performance and operational efficiency across its various businesses.

Key Accomplishment Highlights
Emaar recorded total revenue of AED 14.4 billion (US$ 3.9 billion) and a net profit before tax of AED 7.8 billion (US$ 2.1 billion), achieving growth of 17% and 33% respectively over the same period last year. The improved performance was driven by sustained investors’ confidence and robust demand in Dubai’s real estate market, strong project execution capability, as well as continued growth in tourism and retail sales. Emaar’s strategy to improve profit margins and optimise operational efficiencies resulted in Emaar achieving a 24% growth in EBITDA, which rose to AED 8 billion (US$ 2.2 billion) in H1 2024.

Emaar outperformed its Q1 2024 group property sales in Q2 2024 resulting in achieving record group property sales in H1 2024 of AED 31.5 billion (US$ 8.6 billion), a 56% growth compared to H1 2023. This robust momentum in property sales further expanded Emaar’s revenue backlog from property sales, which reached AED 90.1 billion (US$ 24.5 billion) as at the end of June 2024, up 43% from June 2023 and 15% from March 2024. This backlog represents future revenue from property sales that will be recognised over the next 4-5 years, indicating sustained profitability.

Commenting on the strong performance, Mohamed Alabbar said: “Emaar delivered remarkable results in the first half of the year, reflecting our commitment to long-term success and customer satisfaction. Our strategic investments in key locations and other major assets have yielded impressive returns. With a clear vision and pragmatic approach, we maximise value for our stakeholders. We are confident in executing our business strategies and proud of our significant contribution to Dubai’s economic landscape and reinforcing its global leading position.”

UAE Build-to-Sell Property Development
Emaar Development PJSC (DFM: EMAARDEV), a majority-owned subsidiary, successfully launched 25 projects across various masterplans and achieved the highest-ever property sales of AED 29.7 billion (US$ 8.1 billion) during the first half of 2024, reflecting a growth of 56% over H1 2023.

Emaar Development continue to demonstrate its strong financial performance in Q2 2024 which resulted in revenues reaching AED 7.3 billion (US$ 2 billion) and recorded EBITDA of AED 3.4 billion (US$ 925 million) in H1 2024, showcasing remarkable growth of 65% and 47% respectively over H1 2023. The consolidated revenue of Emaar Properties from its property development business in the UAE during H1 2024 reached AED 9 billion (US$ 2.5 billion), including Dubai Creek Harbour.

In the first half of 2024, Emaar unveiled two expansive luxury living masterplans: “The Heights Country Club & Wellness” and “Grand Polo Club & Resort.” Together, these projects span over 140 million square feet and have a combined value of AED 96 billion (US$ 26 billion). The developments align with Dubai’s vision to enhance quality of life and promote well-being across the emirate. Additionally, they are expected to elevate Emaar’s sales and profitability in the coming years by offering more diverse options for luxury living.

With a continued uptrend in real estate sales, the backlog of Emaar from property sales in the UAE has reached AED 82.3 billion (US$ 22.4 billion), 33% higher than December 2023, which will be recognised as revenue in the coming years.

Malls and Commercial Leasing
Malls and commercial leasing operations of Emaar reported revenue of AED 2.8 billion (US$ 760 million) and achieved an EBITDA of AED 2.3 billion (US$ 626 million) in H1 2024. During the first half of 2024, retail sales performance of our tenants has also witnessed growth of over 7% compared to the same period last year. Emaar Malls prime assets boast occupancy of nearly 99% as of 30 June 2024.
In June 2024, Emaar Malls announced AED 1.5 billion (US$ 408 million) investment to expand Dubai Mall, introducing 240 new shops. The expansion is expected to attract more visitors and will feature a variety of new international and local luxury retail and F&B options. Additionally, Dubai Mall, in collaboration with Salik, has introduced a paid parking system designed to enhance the guest experience.
Dubai Mall achieved a milestone in 2023, becoming the most visited place on Earth with 105 million visitors and recording very strong retail sales. The momentum continued into the first half of 2024, with the mall receiving a record 57 million visitors, marking an 8% increase from the same period last year.

Emaar International
During H1 2024, Emaar’s international real estate operations reported property sales of AED 1.8 billion (US$ 490 million), which grew by 50% compared to H1 2023. Driven by operations in Egypt and India, international real estate operations recorded a revenue of AED 800 million (US$ 220 million), which represents 6% of Emaar’s total revenue.

Hospitality, Leisure, and Entertainment
In the first half of 2024, Emaar’s hospitality, leisure, and entertainment divisions generated AED 1.8 billion (US$ 490 million) in revenue, marking a 9% increase from H1 2023. The performance was driven by the steady growth in the tourism industry and strong domestic spending. Emaar’s UAE hotels, including those under management, reported an average occupancy of 78% in the first half of 2024. During the period, Emaar also expanded its hotel portfolio by adding 4 new hotels featuring around 500 keys.

Recurring Revenue
Emaar’s recurring revenue-generating portfolio, including malls, hospitality, leisure, entertainment, and commercial leasing, collectively generated revenue AED 4.6 billion (US$ 1.3 billion) during H1 2024. This revenue represents 32% of Emaar’s total revenue.

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Note to Editors:

About Emaar Properties
Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer and provider of premium lifestyles, with a significant presence in the Middle East, North Africa and Asia. One of the world’s largest real estate companies, Emaar has a land bank approx. 1.8 billion sq. ft. in the UAE and key international markets.
With a proven track-record in delivery, Emaar has delivered over 116,500 residential units in Dubai and other global markets since 2002. Emaar has strong recurring revenue-generating assets with approx. 1.4 million sq. mtr. of leasing revenue-generating assets and 38 hotels and resorts with around 9,200 keys (includes owned as well as managed hotels). Today, 38% of Emaar’s revenue is from its shopping malls & retail, hospitality & leisure and international subsidiaries.
Burj Khalifa, a global icon, Dubai Mall, the world’s most-visited retail and lifestyle destination, and Dubai Fountain, the world’s largest performing fountain, are among Emaar’s trophy destinations.
Follow Emaar on: Facebook: www.facebook.com/emaardubai, X: www.twitter.com/emaardubai, Instagram: www.instagram.com/emaardubai.

For more information:
Emaar Marketing Department; Email: PR@emaar.ae

  • Emaar Development’s sales backlog has increased to AED 74.2 billion (US$ 20.2 billion), to be recognised as revenue in the coming years.
  • Emaar Development announced the launch of two major developments: The Heights Country Club & Wellness and Grand Polo Club & Resort, spanning over a total 141 million square feet of land, with a combined development value of AED 96 billion (US$ 26 billion).
  • In Q2 2024, Emaar Development launched the second phase of “The Valley” masterplan.

Dubai, United Arab Emirates – August 8, 2024: Emaar Development PJSC (DFM: EMAARDEV), the UAE build- to-sell property development business that is majority-owned by Emaar Properties PJSC (DFM: EMAAR), achieved 56% increase in property sales reaching to AED 29.7 billion (US$ 8.1 billion) for the first half of 2024 (January to June) compared to AED 19 billion (US$ 5.2 billion) for the first half of 2023. This performance resulted from Emaar Development’s successful property launches, which created a strong revenue pipeline for the future and marked steady progress towards the company’s strategic initiatives to further cement its position as a trusted developer.

During the first half of 2024, Emaar made a significant acquisition of a land plot measuring 60 million square feet near to The Oasis masterplan, with a development value of AED 41 billion (US$ 11 Billion). This compliments the 81 million square feet of land purchased in December 2023 in the same vicinity. Emaar announced the launch of these two major developments on these lands as well: The Heights Country Club & Wellness and Grand Polo Club & Resort, spanning over a total 141 million square feet of land, with a combined development value of AED 96 billion (US$ 26 billion).

During the second quarter of 2024 (April to June), Emaar Development launched the second phase of its masterplan, “The Valley”.

These developments demonstrate Emaar’s vision to create the highest standards of luxury living experiences and strategically position the company to launch a substantial number of villas and townhouses, which are expected to boost sales and profitability, reinforcing our position as a leading global property developer.

Performance Highlights

In the first half of 2024 (January to June), Emaar Development reported a Revenue of AED 7.3 billion (US$ 2 billion) and an EBITDA of AED 3.4 billion (US$ 922 million), 65% and 47% higher than first half of 2023, respectively.

Emaar now has a sales backlog of AED 74.2 billion (US$ 20.2 billion), which will be recognised as revenue in the coming years.

Emaar’s founder, Mohamed Alabbar, said: “In the first half of 2024, Emaar has demonstrated remarkable resilience and outstanding performance. Our financial results highlight our strategic acumen and the dedication of our entire team. The increasing demand reflected in our growing backlog speaks volumes about the trust our customers place in us. By continuing to enhance operational efficiencies and being firm to our strategic vision, we are committed to delivering exceptional value to our shareholders and contributing meaningfully to Dubai’s economic growth.”

Dubai continues to lead as a business hub for trade, financial services, logistics, travel, and hospitality, while also experiencing growth in emerging sectors such as technology, renewable energy, healthcare, and education. Emaar Development’s sales growth in the first half of 2024 highlights the region’s ability to attract a community of skilled professionals and sustain ongoing investment in its consistent growth potential.

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Note to editors:
About Emaar Development PJSC:
Emaar Development is a developer of residential and commercial build-to-sell (BTS) assets in the UAE. The company is behind iconic freehold master-planned communities in Dubai, including Emirates Living, Downtown Dubai, Dubai Marina, Arabian Ranches, Dubai Creek Harbour, Dubai Hills Estate, Emaar South, Rashid Yachts & Marina, The Valley and The Oasis. It has delivered approximately 72,000 residential units since 2002. The company has a sales backlog of over AED 74.2 billion. It is a high cash flow generating business, highlighting the company’s robust fundamentals with over 33,500 residential units under development to be delivered.

For more information, please visit https://properties.emaar.com/en/investor-relations/emaar-properties-pjsc/

For more information and media queries:
Marketing Department – Emaar
PR@emaar.ae

Investing in freehold properties in Dubai offers numerous advantages, including full ownership, high investment potential, and residency visa benefits. Emaar’s prime locations provide luxurious living with first-rate amenities, resulting in a high quality of life and strong returns on investment.

As Dubai expands as a global hub, freehold properties remain a profitable and secure investment option for international buyers.

Understanding Freehold Property Ownership

In Dubai, freehold ownership gives the owner complete control over the property and the land on which it is built. This type of property ownership was established by the Freehold Decree of 2002, allowing foreigners to purchase property in designated areas with full ownership rights. Benefits include:

– Complete Ownership: Owners retain perpetual ownership of the property and land, allowing them to sell, lease, or modify it without restriction.

– Investment Potential: Dubai’s freehold properties have consistently appreciated in value, making them a dependable investment with the potential for rental income.

– Benefits of Owning Freehold Property: Depending on the value of the property ownership, investors and their families may be eligible for renewable UAE residency visas.

– Tax-Free Environment: Dubai provides a tax-free environment for property ownership, which maximises returns for investors.

Leasehold Properties vs Freehold Properties

In real estate, the distinction between leasehold and freehold property in Dubai is crucial. Leasehold properties involve a lease agreement where the property is leased from a landlord for a specific period. In contrast, owning freehold property grants absolute ownership of the land and buildings indefinitely. Freehold property owners have full control over their property, while leasehold owners adhere to lease terms set by the landlord. Understanding the nuances between freehold and leasehold property ownership helps prospective buyers make informed decisions about their investments.

Top Freehold Properties Investment Locations in Dubai

Emaar Properties, Dubai’s leading developer, has several high-profile developments that are ideal for freehold investment. Here are the top freehold areas in Dubai:

Downtown Dubai

Downtown Dubai, which includes the Burj Khalifa and the Dubai Mall, is the city’s heart. Emaar’s developments, including Burj Vista, Forte, and Boulevard Heights, provide luxurious living with unrivalled access to retail, dining, and entertainment options. Because of its iconic status and vibrant lifestyle, this area has high rental yields and potential for capital appreciation.

Dubai Marina

Dubai Marina is a thriving waterfront community renowned for its breathtaking skyline and vibrant nightlife. Marina Gate and Address Residences Jumeirah Resort and Spa are two of Emaar’s key projects in the area, both of which offer stunning views and modern amenities. Its strategic location and high-quality facilities make it a popular investment destination.

Dubai Hills Estate

Dubai Hills Estate is a master-planned community that combines luxury and green living. Golf Place, Park Ridge, and Sidra Villas offer large homes surrounded by parks and an 18-hole championship golf course. This community is ideal for families and long-term investors, providing a peaceful setting with modern amenities, and the thriving Dubai Hills Mall!

Emaar Beachfront

Emaar Beachfront, located between Palm Jumeirah and Dubai Marina, is a private island community that offers beachfront living with breathtaking sea views. Beach Vista, Sunrise Bay, and Grand Bleu Tower are among the most significant projects. The community offers private beach access, world-class amenities, and close proximity to major landmarks, making it an excellent choice for investors seeking luxury and high returns.

Dubai Creek Harbour

Dubai Creek Harbour’s sustainable and innovative design aims to redefine urban living. Creek Gate, Creek Horizon, and The Cove are among the key projects in the development, which includes residential, commercial, and retail spaces. The upcoming Dubai Creek Tower, which is expected to be the tallest structure in the world, will serve as the area’s focal point, increasing investment opportunities.

Arabian Ranches

Arabian Ranches is a family-friendly community known for its spacious villas and peaceful surroundings. The development is divided into three phases: Arabian Ranches I, II, and III. Each phase includes villas and townhouses with modern amenities and a strong sense of community, making it ideal for families and investors looking for long-term gains.

The Valley

The Valley emphasises outdoor living and wellness. The community consists of townhouses and villas with ample green space and recreational facilities. Eden, Nara, and Talia are key projects that offer a suburban lifestyle with easy access to major highways and Dubai’s key areas.

Emaar South

Emaar South is a family-oriented community near Al Maktoum International Airport and the Expo 2020 site. The development includes a variety of apartments, townhouses, and villas with easy access to parks, schools, and shopping. Key projects include Fairway Villas and Urbana townhomes, making it an excellent investment for those looking to be part of Dubai’s future growth areas.

Rashid Yachts and Marina

Rashid Yachts & Marina is a prestigious waterfront community that provides a luxurious lifestyle and breathtaking marina views. The development includes a variety of residential units, including apartments and penthouses, as well as world-class amenities like a world-class super yachts marina, waterfront dining, and retail outlets. This location is ideal for investors seeking a luxurious waterfront living experience.

The Oasis

The Oasis by Emaar is a luxurious sanctuary combining expansive green spaces with modern architectural designs. This development boasts lavish villas, mansions and super mansions, and aims to provide residents with a harmonious blend of urban and natural living. It also features parks, gardens, and recreational areas, along with world-class facilities such as gyms, swimming pools, and community centres.

The Heights Country Club & Wellness

The Heights Country Club & Wellness is envisioned as a premier destination for those seeking a healthy lifestyle. This exclusive club features cutting-edge fitness facilities, a country club and wellness centre, along with a variety of recreational opportunities. Surrounded by serene landscapes, it offers a peaceful escape from the city’s hustle and bustle.

Emaar’s Prime Locations and Views

Emaar Properties is well-known for selecting the best prime locations and providing spectacular views in Dubai. Emaar Beachfront offers breathtaking sea views and private beach access, whereas Downtown Dubai features iconic cityscape views, including the Burj Khalifa. These prime locations offer not only scenic beauty but also strategic positioning, ensuring residents’ proximity to key business, retail, and leisure hubs.

Integrated Master Plans and Top-Tier Amenities

Emaar’s master planned communities are designed to provide top-tier amenities within easy reach, resulting in a self-sufficient environment for residents. These developments feature world-class amenities such as gyms, swimming pools, parks, shopping malls, schools, and healthcare facilities.

Dubai Hills Estate and Emaar South for example, each has an 18-hole championship golf course and acres of parkland, encouraging residents to live an active and healthy lifestyle. Emaar’s emphasis on creating integrated communities ensures that residents have easy access to everything they require, improving their quality of life and making these properties highly desirable to investors.

For more information, visit Emaar’s official website and speak with real estate professionals to identify the best investment opportunities in Dubai’s dynamic market.

Emaar successfully completed its mid-year internal staff rally, presenting significant milestones and achievements.

Dubai, UAE, July 10, 2024 – Emaar Properties held its mid-year internal staff rally, a quarterly gathering where Emaar’s leadership reviews and shares the Company’s operational performance and way forward with the staff. During the rally, Emaar presented significant milestones and achievements across all areas of its operations.

Commenting on the company’s performance in the first half of 2024, Mohamed Alabbar stated: “Our performance in H1 2024 shows Emaar’s relentless pursuit of excellence and innovation. We are not just managing businesses; we are shaping legacies and transforming communities for a prosperous future.”

Some of the highlights presented during Emaar’s H1 2024 Rally include:

Emaar Development saw remarkable progress with 30 launches successfully completed, resulting in the sale of 8,400 units within the first six months, representing 56% growth. Emaar partnered with 995 agencies and trained 5,945 agents through the Emaar Academy to achieve such growth. Certain significant projects, including Address Residences Zabeel and Palace Residences Dubai Hills Estate, sold 2,500 units each in just seven days, highlighting Emaar’s strong market presence and appeal. The company awarded 50 construction contracts worth AED 8.7 billion.

Additionally, Burj Khalifa achieved LEED Platinum certification for sustainable construction, further showcasing Emaar’s commitment to sustainability.

Emaar’s malls, including Dubai Mall, continued to thrive, with Dubai Mall being recognised as the most visited place on Earth in 2023 with 105 million visitors. In H1, 2024, the mall recorded 8% increase in footfall as compared to the same period in 2023. Enhancements such as improved carpark availability and world-class washroom designs further elevated the visitor experience.

Emaar Entertainment and Dubai Opera experienced unprecedented success, with record-breaking attendance at Dubai Opera, attracting 250,000 spectators. The Marassi Aquarium & Underwater Zoo, the largest in Bahrain, and the first IMAX with Laser in Bahrain’s Reel Cinemas, showcased Emaar’s commitment to delivering exceptional entertainment experiences.

Operational excellence remained a key focus, with 2,331 fire safety and emergency preparedness training sessions conducted, training 6,561 Emaar and retailer staff. Emaar Community Management effectively managed water accumulation during heavy rainfall in April, ensuring continuous support and recovery for affected communities.

Emaar notably offered free repairs for all residential units within its communities which were affected by the heavy rains. More than 4,500 homes were repaired until end of June 2024.

Emaar’s project development continued to excel, earning the ‘Developer of the Year’ award by Arabian Business. With 30 launches completed and 8,400 units sold in H1 2024, representing a 56% growth compared to H1 2023,

Internationally, Emaar marked significant achievements with the 100% sale of Urban Oasis in Gurgaon during its launch and substantial progress in Panorama and The Views in Karachi.

Emaar Hospitality celebrated numerous accolades, including Forbes Travel Guide 5-Star Ratings for Address Istanbul, Address Beach Resort, and Armani Hotel Dubai. New openings and rebranding efforts, such as the rebranding of Address Dubai Mall and the opening of Palace Dubai Creek Harbour, underscored Emaar’s commitment to delivering exceptional hospitality experiences.

Customer excellence remained at the forefront, with over 21,000 service requests handled, 6,000+ unit registrations managed, and 3,500+ units handed over to customers in H1 2024. Additionally, 500+ mystery shopper audits were conducted to ensure the highest standards of service.

Emaar’s H1 2024 rally focused on the company’s dedication to innovation, quality, and customer satisfaction. Looking ahead, Emaar remains committed to its mission of creating a lasting legacy of excellence by inspiring success in every community it serves.

-ENDS-

 

Note to Editors:

About Emaar Properties

Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer and provider of premium lifestyles, with a significant presence in the Middle East, North Africa and Asia. One of the world’s largest real estate companies, Emaar has a land bank over 1.7 billion sq. ft. in the UAE and key international markets.

With a proven track-record in delivery, Emaar has delivered over 109,000 residential units in Dubai and other global markets since 2002. Emaar has strong recurring revenue-generating assets with approx. 1.4 million sq. m. of leasing revenue-generating assets and 34 hotels and resorts with over 8,700 keys (includes owned as well as managed hotels). Today, 38% of Emaar’s revenue is from its shopping malls & retail, hospitality & leisure and international subsidiaries.

Burj Khalifa, a global icon, Dubai Mall, the world’s most-visited retail and lifestyle destination, and Dubai Fountain, the world’s largest performing fountain, are among Emaar’s trophy destinations.

Follow Emaar on: Facebook: www.facebook.com/emaardubai, X: www.twitter.com/emaardubai, Instagram: www.instagram.com/emaardubai.

For more information:
Emaar Marketing Department

Email: PR@emaar.ae

 

Less Time Parking, More Time Shopping

• Dubai Mall, in collaboration with Salik, will introduce a paid parking system starting Monday, July 1.
• The new parking system aims to enhance guest experience, improve parking availability, and streamline the process.
• Paid parking applies to Grand Parking, Cinema Parking, and Fashion Parking, while Zabeel and Fountain Views parking remain free. The first four hours on weekdays and six hours on weekends are complimentary.

Dubai, United Arab Emirates – Wednesday, June 19: Dubai Mall, one of the world’s largest and the most visited place on earth, announced a change to its parking system in collaboration with Salik Company PJSC, Dubai’s exclusive toll gate operator.

Starting Monday, July 1, the mall will introduce a paid parking system designed to enhance the overall guest experience. This new system will improve parking availability and streamline the process, ensuring a more convenient and efficient visit for all guests.

Speaking on behalf of Emaar Properties, Mr. Ahmed Almatrooshi stated, “We are pleased to introduce a seamless parking payment solution at Dubai Mall. This initiative aligns with our commitment to enhancing the guest experience by leveraging innovative technologies, in collaboration with Salik. This collaboration highlights our dedication to continually improving our services and setting new benchmarks in retail and leisure.”

Ibrahim Sultan Al Haddad, Chief Executive Officer and Board Member of Salik Company PJSC, commented: “The latest announcement represents a significant milestone as we collaborate closely with Emaar Malls to provide customers of this renowned destination with this first-of-its-kind parking management technology. This is an important step in our strategic evolution to become a global leader in sustainable and smart mobility solutions and is also in line with our ambition to deliver innovative and convenient solutions that eliminate the need for gates or barriers. This is just the beginning for us, and we are truly excited to have Emaar as our first partner.”

The introduction of paid parking aims to free up spaces, ensuring guests can find parking more quickly and easily. By investing in a more structured system, the mall can better cater to visitor needs, reaffirming its commitment to world-class services.

The new paid parking system at Dubai Mall applies to Grand Parking, Cinema Parking, and Fashion Parking, while Zabeel and Fountain Views parking locations will remain complimentary. Notably, the first four hours of parking will be complimentary for guests on weekdays, and six hours on weekends.

After the complimentary period, parking in the designated areas will incur the following costs:

Weekdays:

Hours Rate
0 – 4 AED 0
4 – 5 AED 20
5 – 6 AED 60
6 – 7 AED 80
7 – 8 AED 100
>8 AED 200
>12 AED 500
>24 AED 1000

 

Weekends:

Hours Rate
0 – 4 AED 0
4 – 5 AED 0
5 – 6 AED 0
6 – 7 AED 80
7 – 8 AED 100
>8 AED 200
>12 AED 500
>24 AED 1000

This new approach is not just about parking; it is about providing a seamless experience for every guest from the moment they arrive. By implementing this system, we are ensuring that our guests can enjoy a hassle-free visit, with the confidence that their parking needs are well taken care of.

Our commitment to enhancing the overall guest experience extends beyond shopping, dining, and entertainment, encompassing every aspect of their visit, starting with convenient and efficient parking solutions.

For more details about the new parking system, please visit www.thedubaimall.com or follow Dubai Mall on [Social Media Handles].

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  • Emaar reveals an AED 1.5-billion-dirham investment to expand Dubai Mall, introducing 240 new luxury retail and dining options.
  • The upcoming development will significantly enhance the mall, which had 105 million visitors in 2023.

United Arab Emirates, Dubai, 04 June 2024: Emaar Properties has announced a monumental expansion of Dubai Mall, which will include 240 new luxury stores and food and beverage outlets. This project represents an investment of 1.5 billion dirhams, and the contractor is already mobilising on-site.

Announcing the impressive enhancement, Mohamed Alabbar stated, “The new Dubai Mall expansion is a great addition to one of the most visited sites in the world. We extend our gratitude to our esteemed guests and loyal customers, as well as our partners, retailers, and government authorities for their unwavering support. This expansion reflects Dubai’s ambitious vision to remain at the forefront of global innovation and culture, further solidifying our city’s position as a top global destination.”

In 2023, Dubai Mall became the most visited place on Earth achieving a new attendance record with 105 million visitors, a 19% increase from the previous year, coupled with exceptionally strong sales.

The momentum continues in 2024, as Dubai Mall remains a global retail and leisure icon, offering innovative experiences while maintaining high customer satisfaction ratings.

-ENDS-

Notes for the editors:

About Dubai Mall

Inaugurated in 2008, Dubai Mall is the epicentre of modern retail and leisure in Dubai. It is the world’s second largest shopping malls, measuring an impressive 1.2 million square metres. It has more than 1,200 retail outlets, including two anchor department stores, Galeries Lafayette and Bloomingdale’s, along with over 200 international dining experiences. Its wide range of entertainment and leisure attractions include the Dubai Aquarium and Underwater Zoo, Reel Cinema’s impressive 24-screen-cineplex, KidZania Dubai, Play DXB, Dubai Ice Rink, Ekart and Zabeel Sports District. These attractions, added to Fashion Avenue, which was inaugurated in 2018, further confirms Dubai Mall’s reputation as a symbol of luxury and innovation, contributing to Dubai’s international reputation as a prime tourist destination.

About Emaar Malls Management (LLC)

Emaar Malls Management (LLC) manages some of the most iconic malls, entertainment, and community-integrated retail centres in the Middle East, including its flagship asset Dubai Mall, the world’s most visited mall, and Dubai Hills Mall, the leading lifestyle destination in Dubai Hills Estate.

Emaar Malls Management (LLC) (Emaar Malls) also manages Souk Al Bahar, an Arabesque style dining and entertainment development in Downtown Dubai; Dubai Marina Mall, a lifestyle shopping mall for residents and visitors of the Dubai Marina community; and Gold & Diamond Park, a shopping destination dedicated to gold and jewellery. In addition to other Emaar community malls: Arabian Ranches, Springs Souk, Meadows Village Meadows Souk, and several others.

Emaar Malls Management assets are developed as an integral part of the master plan developments of Emaar Properties, and, therefore, are strategically located in key areas of Dubai that benefit from favourable socio-economic demographics and increasing

tourism.

For more information:

Emaar Marketing Department

Email: PR@emaar.ae

Exploring New Heights in Urban Living and Architectural Innovation:

• Emaar Announces an Innovative Music, Fire, and Colour Plaza at Dubai Square
• Emaar finalises plans for a versatile multimedia fountain plaza at Dubai Square.
• The plaza will feature vibrant displays of dancing music, colours, and fire, transforming into a lively social space when inactive.
• Emaar is in discussions with a leading Chinese tech firm specialising in iconic music and fire features to develop this state-of-the-art plaza.

Dubai, United Arab Emirates – [Date], 2024: Emaar Properties has revealed its plans for The Music, Colour, and Fire Plaza at Dubai Square in Dubai Creek Harbour. This innovative addition highlights Dubai’s commitment to cutting-edge design and creating remarkable urban experiences.

Surrounding the upcoming Dubai Creek Tower, the plaza will feature a mesmerising display of fire, vibrant colours, and synchronised music. When inactive, this distinctive addition will transform the plaza into a lively public space inviting visitors to walk and engage with their surroundings. The design ensures the area remains functional and accessible when the Music feature is deactivated, offering a dynamic and versatile experience for all.

Emaar is in discussions with a leading Chinese technology company, known for its expertise in creating iconic Music and Fire features, to develop this pioneering plaza. This partnership aims to blend artistry with technology, delivering an unparalleled experience.

Announcing this groundbreaking feature, Mohamed Alabbar said, “Dubai Creek Tower is more than a landmark; it’s a hub for community interaction. The Music, Colour, and Fire Plaza, with its advanced technology, embodies our commitment to enhancing Dubai’s landscape through innovative design. Emaar is committed to pushing the boundaries of innovation and excellence, reinforcing Dubai’s position as a global pioneer in urban development and setting a new standard for cities worldwide.”

Dubai Creek Tower is part of the expansive Dubai Creek Harbour project, a meticulously planned urban development encompassing 7.4 million square metres of residential space and 500,000 square metres of gardens and open areas. The project includes pedestrian-friendly streets, diverse retail options, commercial spaces, entertainment venues, and premium facilities.

The development also emphasises sustainability, incorporating the Ras Al Khor Wildlife Sanctuary, a key ecological site in the UAE. Dubai Creek Harbour offers a range of modern real estate options, including apartments, duplexes, and penthouses, all reflecting the contemporary architectural style of Dubai Creek’s waterfront.

-ENDS-

Note to Editors:

About Emaar Properties

Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer and provider of premium lifestyles, with a significant presence in the Middle East, North Africa and Asia. One of the world’s largest real estate companies, Emaar has a land bank over 1.7 billion sq. ft. in the UAE and key international markets.

With a proven track-record in delivery, Emaar has delivered over 109,000 residential units in Dubai and other global markets since 2002. Emaar has strong recurring revenue-generating assets with approx. 1.4 million sq. mtr. of leasing revenue-generating assets and 34 hotels and resorts with over 8,700 keys (includes owned as well as managed hotels). Today, 38% of Emaar’s revenue is from its shopping malls & retail, hospitality & leisure and international subsidiaries.

Burj Khalifa, a global icon, Dubai Mall, the world’s most-visited retail and lifestyle destination, and Dubai Fountain, the world’s largest performing fountain, are among Emaar’s trophy destinations.

Follow Emaar on: Facebook: www.facebook.com/emaardubai, X: www.twitter.com/emaardubai, Instagram: www.instagram.com/emaardubai.

 

For more information:
Emaar Marketing Department

Email: PR@emaar.ae

Reflecting Dubai’s Progressive Vision to Enhance Quality of Life and Promote Well-Being

• Spanning 81 million square feet and valued at AED 55 billion, The Heights Country Club & Wellness emphasises well-being and a holistic approach.
• The project aligns with Dubai Leadership’s progressive vision to enhance the quality of life in the emirate.
• In addition to its chic townhouses and semi-attached villas, the development features a thoughtfully designed wellness centre, parks, ponds, lush greenways, and an overall community-wide country club experience throughout the masterplan.
• Key features include extensive cycling tracks, parks, event plazas, and essential services such as schools, hospitals, mosques, and upscale retail and gourmet dining spaces.

Dubai, UAE, Tuesday, May 21st, 2024: Emaar Properties launched its latest masterpiece development, “The Heights Country Club & Wellness,” with a grand event on May 20th at the Armani Dubai Hotel ballroom. A gathering of VIP guests, investors, and key stakeholders, the event heralded a new chapter in Dubai’s luxury wellness living.

The Heights Country Club & Wellness, which spans 81 million square feet and has a development value of AED 55 billion, is strategically designed to foster an environment of health and well-being, perfectly aligning with Dubai’s leadership’s vision to enhance the quality of life and promote well-being across the emirate.

Combining wellness and convenience, the development boasts a coveted location only 10 minutes from Al Maktoum International Airport. The airport is currently undergoing an expansion that will transform it into a mega gateway to the globe five times its existing size, making it the largest in the world with a capacity to handle 260 million passengers annually.

A meticulously designed wellness centre lies at the heart of the community, surrounded by lush wellness greenways that offer serene pathways winding throughout the area. These features, along with tranquil water bodies, picturesque ponds, a comprehensive network of cycling and jogging tracks, expansive parks, and numerous event plazas, are seamlessly integrated into the 1.3 million square metres of open space, enhancing both the environment and the quality of life for residents.

Mr. Mohamed Alabbar said: “The Heights Country Club & Wellness is our response to Dubai’s progressive vision of promoting well-being. By combining lush landscapes, advanced wellness facilities, and dynamic community spaces, we are creating an environment that goes beyond the typical aspects of luxury living by providing a holistic lifestyle that benefits residents’ physical and mental health.”
“The Heights Country Club & Wellness embodies Emaar’s approach to shaping future lifestyles, inviting everyone to live a life centred on wellness and community”, he added.

The Heights Country Club & Wellness’ residential offerings are a showcase of architectural brilliance, with options to suit a variety of tastes and preferences. Designed to blend seamlessly into the natural environment, the chic townhouses and semi-attached villas combine linear forms with elegant curves, echoing the ebb and flow of nature.

This development not only meets its residents’ basic needs but also provides a comprehensive and convenient lifestyle. The community infrastructure includes schools, hospitals, mosques, and a large retail space with a variety of upscale shopping and dining options.

Situated conveniently to allow easy access to the urban centres of Dubai while providing a serene escape from the city, The Heights Country Club & Wellness invites everyone to a life where well-being and community are at the forefront.

The unveiling of The Heights Country Club & Wellness, aptly described as “Where Life is Well-Lived,” marks a turning point in modern urban real estate, where community well-being and luxury living converge to create a place where every day is filled with tranquillity and a sense of calm and serenity.

-ENDS –

Note to Editors:

About Emaar Properties

Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer and provider of premium lifestyles, with a significant presence in the Middle East, North Africa and Asia. One of the world’s largest real estate companies, Emaar has a land bank over 1.7 billion sq. ft. in the UAE and key international markets.

With a proven track-record in delivery, Emaar has delivered over 109,000 residential units in Dubai and other global markets since 2002. Emaar has strong recurring revenue-generating assets with approx. 1.4 million sq. mtr. of leasing revenue-generating assets and 34 hotels and resorts with over 8,700 keys (includes owned as well as managed hotels). Today, 38% of Emaar’s revenue is from its shopping malls & retail, hospitality & leisure and international subsidiaries.

Burj Khalifa, a global icon, Dubai Mall, the world’s most-visited retail and lifestyle destination, and Dubai Fountain, the world’s largest performing fountain, are among Emaar’s trophy destinations.

Follow Emaar on: Facebook: www.facebook.com/emaardubai, X: www.twitter.com/emaardubai, Instagram: www.instagram.com/emaardubai.

For more information:
Emaar Marketing Department

Email: PR@emaar.ae

• Emaar Development’s sales backlog has increased to AED 65.7 billion (US$ 17.9 billion), to be recognised as revenue in the coming years.
• Emaar Development’s announced the launch of two major developments: The Heights Country Club & Wellness and Grand Polo Club & Resort, spanning over a total 141 million square feet of land, with a combined development value of AED 96 billion (US$ 26 billion).

Dubai, United Arab Emirates – May 14, 2024: Emaar Development PJSC (DFM: EMAARDEV), the UAE build- to-sell property development business that is majority-owned by Emaar Properties PJSC (DFM: EMAAR), achieved in Q1 2024 (January to March) a 50% increase in property sales reaching AED 12.9 billion (US$ 3.5 billion) compared to AED 8.6 billion (US$ 2.3 billion) in Q1 2023. This performance resulted from Emaar Development’s successful property launches, which created a good revenue pipeline for the future and marked steady progress towards the company’s strategic initiatives to further cement its position as a trusted developer.

Emaar Development successfully launched 10 projects across various master plans during the first quarter of 2024.

During the first quarter of 2024, Emaar made a significant acquisition of a land plot measuring 60 million square feet near to The Oasis masterplan, with a development value of AED 41 billion (US$ 11 Billion). This compliments the 81 million square feet of land purchased in December 2023 in the same vicinity. Emaar announced the launch of these two major developments on these lands as well: The Heights Country Club & Wellness and Grand Polo Club & Resort, spanning over a total 141 million square feet of land, with a combined development value of AED 96 billion (US$ 26 billion).

Anticipated to enhance Emaar’s sales and profitability, these developments not only demonstrate Emaar’s vision to create the highest standards of luxury living experiences, but also strategically position the company to launch a substantial number of villas and townhouses, which are expected to boost sales and profitability, reinforcing our position as a leading global property developer.

Performance Highlights

In the first quarter of 2024 (January to March), Emaar Development reported an EBITDA of AED 1.7 billion (US$ 463 million), 48% higher than Q1 2023.
Emaar now has a sales backlog of AED 65.7 billion (US$ 17.9 billion), which will be recognised as revenue in the coming years due to robust performance.

Emaar’s founder, Mohamed Alabbar, said: ” The company began the year 2024 with strong financial results, which demonstrate our superior sales execution capabilities as well as our ongoing efforts to further enhance operational efficiencies. Our growing backlog reflects the strong demand in our primary markets. Our strategic positioning allows us to accelerate growth and deliver unmatched value to our shareholders, thereby reinforcing our role in Dubai’s economic vitality.”

Dubai continues to lead as a business hub for trade, financial services, logistics, travel, and hospitality, with growth in emerging sectors such as technology, renewable energy, healthcare, and education. As evidenced by Emaar Development’s sales growth in the first quarter of 2024, the region attracts a community of skilled professionals and a continued investment in the region’s consistent growth potential.

-Ends-

Note to editors:

About Emaar Development PJSC:

Emaar Development is a developer of residential and commercial build-to-sell (BTS) assets in the UAE. The company is behind iconic freehold master-planned communities in Dubai, including Emirates Living, Downtown Dubai, Dubai Marina, Arabian Ranches, Dubai Creek Harbour, Dubai Hills Estate, Emaar South, Rashid Yachts & Marina, The Valley and The Oasis. It has delivered approximately 71,000 residential units since 2002. The company has a sales backlog of over AED 65.7 billion. It is a high cash flow generating business, highlighting the company’s robust fundamentals with over 30,000 residential units under development to be delivered.

For more information, please visit https://properties.emaar.com/en/investor-relations/emaar-properties-pjsc/

 

For more information and media queries:
Marketing Department – Emaar
PR@emaar.ae

 

• Emaar’s property sales backlog reaches AED 78.3 billion (US$ 21.3 billion), set to boost future revenue.
• Net profit before tax grew by 16% to AED 4.3 billion (US$ 1.2 billion) compared to same period last year.
• Emaar unveiled two major luxury masterplans in Dubai with combined development value of AED 96 billion (US$ 26 billion).

Dubai, United Arab Emirates – 14 May 2024: Emaar Properties PJSC (DFM: EMAAR) has released its financial results for the first quarter of 2024, showcasing consistent resilient performance and operational efficiency across its various businesses.

Key Accomplishment Highlights

Emaar’s recorded revenues of AED 6.7 billion (US$ 1.8 billion) and net profit before tax of AED 4.3 billion (US$ 1.2 billion) which grew by 16% compared to the same period last year. The improved performance was driven by the growth in tourism, retail sales, and sustained real estate demand in Dubai. Emaar’s focus on improving profit margins and operational efficiencies resulted in achieving higher EBITDA, which grew by 9% to AED 4.4 billion (US$ 1.2 billion) compared to Q1 2023.

Emaar achieved its highest ever quarterly group property sales in Q1 2024 of AED 13.5 billion (US$ 3.7 billion), reflecting a robust 47% growth compared to Q1 2023. Supported by incremental property sales, Emaar’s revenue backlog from property sales reached AED 78.3 billion (US$ 21.3 billion) as of March 2024, growing by 9% from December 2023. This backlog represents future revenue from property sales to be recognised over the next 4-5 years.

Commenting on the first quarter’s results, Mohamed Alabbar, said: “Emaar started the year with a strong performance, which reflects our focused approach towards sustainable growth and our commitment to customer satisfaction. Our investments have been strategic and result-oriented, leading to solid returns. We are driven by a clear strategy and a pragmatic approach to business, ensuring we add more value for our stakeholders. Our confidence in executing our business plans remains high, and we continue to play a crucial role in the economic landscape of Dubai and beyond.”

UAE Build-To-Sell Property Development

Emaar Development PJSC (DFM: EMAARDEV), a majority-owned subsidiary, successfully launched 10 projects across various masterplans and achieved highest ever quarterly property sales of AED 12.9 billion (US$ 3.5 billion) during the first quarter of 2024, reflecting a growth of 50% over Q1 2023.

In Q1 2024, Emaar Development demonstrated healthy financial performance with revenues reaching AED 3.5 billion (US$ 953 million) and recorded EBITDA of AED 1.7 billion (US$ 463 million), marking a 48% increase from Q1 2023. Emaar Properties reported consolidated revenue of AED 4.1 billion (US$ 1.1 billion) from its property development business in the UAE, including Dubai Creek Harbour.

During the first quarter of 2024, Emaar announced the launch of two new developments: The Heights Country Club & Wellness, and Grand Polo Club & Resort. These developments sprawl over a total 140 million square foot of land, boasting a combined development value of AED 96 billion (US$ 26 billion). These developments are poised to not only elevate Emaar’s sales and profitability in the coming years but also leave a profound impact on Dubai’s luxury living experiences.

Emaar has a sales backlog of AED 70.8 billion (US$ 19.3 billion) in the UAE which will be recognised as revenue in the coming years.

Malls and Commercial Leasing

In Q1 2024, Emaar’s mall and commercial leasing operations reported revenue of AED 1.4 billion (US$ 381 million). During the same period, the portfolio delivered an EBITDA of AED 1.1 billion (US$ 299 million). During Q1 2024 our tenants achieved high sales, which rose by approximately 9% compared to Q1 2023. Emaar Malls Management’s prime assets recorded an average occupancy of nearly 98% as of 31 March 2023.

Emaar International

Emaar’s international real estate operations reported property sales of AED 625 million (US$ 170 million) and revenue totaling AED 288 million (US$ 78 million) during the first quarter of 2024. Primarily driven by operations in Egypt and India, revenue from international real estate operations represent 4% of Emaar’s total revenue.

Hospitality, Leisure, and Entertainment

In the first quarter of 2024, Emaar’s hospitality, leisure, and entertainment divisions generated AED 983 million (US$ 268 million) in revenue, marking a 10% increase from Q1 2023. The growth was driven by the steady growth in the tourism industry and strong domestic spending. Emaar’s UAE hotels, including those under management, reported an average occupancy of 82% in the first quarter of 2024.

Recurring Revenue

Emaar’s recurring revenue-generating portfolio, including malls, hospitality, leisure, entertainment, and commercial leasing, collectively generated revenue AED 2.3 billion (US$ 626 million) during Q1 2024. This revenue represents 34% of Emaar’s total revenue.

-Ends-

Note to Editors:

About Emaar Properties
Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer and provider of premium lifestyles, with a significant presence in the Middle East, North Africa and Asia. One of the world’s largest real estate companies, Emaar has a land bank approx. 1.8 billion sq. ft. in the UAE and key international markets.
With a proven track-record in delivery, Emaar has delivered over 109,000 residential units in Dubai and other global markets since 2002. Emaar has strong recurring revenue-generating assets with approx. 1.4 million sq. mtr. of leasing revenue-generating assets and 34 hotels and resorts with over 8,700 keys (includes owned as well as managed hotels). Today, 38% of Emaar’s revenue is from its shopping malls & retail, hospitality & leisure and international subsidiaries.
Burj Khalifa, a global icon, Dubai Mall, the world’s most-visited retail and lifestyle destination, and Dubai Fountain, the world’s largest performing fountain, are among Emaar’s trophy destinations.

Follow Emaar on: Facebook: www.facebook.com/emaardubai, X: www.twitter.com/emaardubai, Instagram: www.instagram.com/emaardubai.

For more information:
Emaar Marketing Department
Email: PR@emaar.ae