Category: Business Segments

Dubai, United Arab Emirates – 23 April 2024: Today, on April 23, 2024, Emaar Development PJSC (DFM: EMAARDEV) held its Annual General Meeting (AGM) where the Board of Directors reported Emaar’s strong performance for 2023.

At the AGM, shareholders approved the Board of Directors’ proposal to distribute dividend of AED 2.082 billion (US$ 567 million) which equals to 52% of the share capital (~AED 52 fils per share), demonstrating Emaar’s commitment to maximising shareholder value. Further Board’s report on the company’s activities & financial position of the company and the Auditor’s report were also approved.

The Board of Directors also reaffirmed its commitment to delivering high-quality residences & communities to its customers and residents.

Emaar Development PJSC reported property sales of AED 37.4 billion (US$ 10.2 billion), an increase of 22% compared to 2022 resulted in healthy sales backlog of AED 57.1 billion (US$ 15.5 billion) which will be recognized as revenue in the coming years. In 2023, the Company reported revenue of AED 11.9 billion (US$ 3.2 billion) and net profit of AED 6.6 billion (US$ 1.8 billion) which reflects a 74% growth compared to 2022.

Over 12,000 residential units were delivered by Emaar Development in 2023 across prominent locations, including Dubai Hills Estate, Dubai Creek Harbour, Downtown Dubai, Emaar Beachfront, Arabian Ranches, and Emaar South. Emaar has delivered over 70,000 residential units in the UAE as of December 2023, with over 25,500 residences currently under development in the UAE.

Recognising Emaar Development’s resilient performance in the last fiscal year, Mohamed Alabbar, Founder, Emaar Properties, said: “Emaar Development’s record-breaking success in 2023 demonstrated our superior operational approach and strong demand for our premier offerings, allowing us to optimise performance and improve risk management. In 2024, we will capitalise on a dynamic lineup of property launches and ambitious new projects.”

“Our consistent year-over-year growth and increasing profitability are directly attributed to the unwavering support of our shareholders, astute management, and highly skilled workforce. Furthermore, our dedication to providing exceptional shareholder value and our critical role in driving Dubai’s economic vitality highlight our esteemed brand’s foundation of trust and quality.”

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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 and Emaar South. It has delivered over 70,000 residential units* since 2002. The company has a sales backlog of over AED 57.1 billion. It is a high cash flow generating business, highlighting the company’s robust fundamentals with over 25,500 residential units under development to be delivered.

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

*As on 31st December 2023.

For more information, please contact:

Emaar Corporate Marketing Department

Email: PR@emaar.ae

• Emaar Properties appoints new Board of Directors to spearhead the company’s growth strategy.
• Emaar’s year to date domestic property sales reached over AED 19 billion (US$ 5.2Billion), grew by over 60% compared to same period last year.
• Emaar continues to focus on digital transformation and market expansion to bolster future growth.

United Arab Emirates, DUBAI – April 22, 2024: The Annual General Meeting (AGM) of Emaar Properties PJSC was held in Dubai on Monday, April 22, 2024, where shareholders approved the Board of Directors’ proposal for a notable dividend of 50 fils per share amounting to AED 4.4 billion (US$ 1.2 billion), underscoring the company’s robust profitability and commitment to shareholder returns and reflecting the company’s strong financial health. Both the auditor’s report and the board’s report on the company’s activities and financial position for the year 2023 were approved at the meeting.

During the AGM, shareholders also voted to appoint new Board Members to spearhead the Company’s growth strategy. The new Board of Directors are:

Mr. Mohamed Ali Rashed Alabbar, Mr. Jamal Majed Khalfan Bin Theniyah, Mr. Ahmed Jamal Hassan Jawa, Mr. Buti Obaid Buti AlMulla, Ms. Eman Mahmood Ahmed Abdulrazzaq, H.E. Abdulla Ali Ahmad Bin Zayed Alfalasi, H.E. Ahmad Saeed Obaid Bin Meshar Almheiri, H.E. Omar Hamad Abdulla Hamad BuShahab, and Mr. Mohammad Omar Karim.

At the AGM, the Board of Directors reported the company’s strong performance in 2023 and discussed the rigorous measures taken to ensure continued robust business performance throughout the year.

Emaar’s performance in 2023 was marked by robust group real estate sales, amounting to AED 40.3 billion (US$ 11 billion) with AED 37.4 billion (US$ 10.2 billion) in domestic market, demonstrating sustained customer trust in the Emaar brand and its management’s innovation and quality. Emaar recorded revenues of AED 26.7 billion (US$ 7.3 billion) and net profit of AED 11.6 billion (US$ 3.2 billion) in 2023 achieving growth of 7% and 70% respectively compared to the same period last year. This performance was supported by growth in tourism, a continued upward trend in retail sales, and a consistent increase in real estate demand. Emaar also achieved 67% growth in EBITDA, reaching AED 17.3 billion (US$ 4.7 billion) during 2023 as compared to 2022.

These achievements are ongoing, as Emaar continues to record very high domestic property sales in 2024. The year-to-date sales booked are valued at over AED 19 billion (US$ 5.2 billion), which is an increase of more than 60% as compared to the same period in the previous year.
Emaar remains committed to delivering all ongoing projects by their respective deadlines. Investment in the company’s highly qualified workforce, fostering Emirati talent, digital systems, and supplementary resources will ensure the continuity of all operational efficiencies and help the business realise its long-term goals.

Mohamed Alabbar, Emaar Properties’ Founder, stated: “In light of the remarkable results we are witnessing in 2024, Emaar is highly optimistic and relentlessly focused on exceeding operational excellence, amplifying investment returns, and improving customer satisfaction. We are constantly launching groundbreaking projects that significantly contribute to Dubai’s economy and increase long-term shareholder value, and through strategic initiatives in digital transformation, product innovation, and market penetration, we are poised to drive robust growth and solidify our foundation for future success.”

Setting new benchmarks in design, build quality, and innovation, Emaar consistently offers premium experiences and lifestyle opportunities across market segments; and its properties continue to remain sought-after by investors at home as well as abroad.
Visit emaar.com/en/investor-relations for more information.

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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 over 1.7 billion sq. ft. in the UAE and key international markets.

With a proven track-record in delivery, Emaar has delivered approximately 108,000* residential units in Dubai and other global markets since 2002. Emaar has strong recurring revenue-generating assets with approx. 1,300,000 square meters of leasing revenue-generating assets and 34 hotels and resorts with over 8,700 keys (includes owned as well as managed hotels). Today, 46 percent 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.

*As on 31st December 2023.

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

For more information:
Emaar Marketing Department

Email: PR@emaar.ae

 

 

 

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• Emaar Properties will cover all costs for repairs of homes within its communities affected by the recent severe weather in Dubai, ensuring that residents face no financial burden.
• Emaar’s dedicated teams are already assessing and repairing damages, working in close coordination with local authorities to expedite the process.

Dubai, UAE – 19 April 2024: Emaar Properties is deeply committed to the well-being of its community. Since the severe rains began on the 16th of April, our facility management and community management staff have been on the ground, tirelessly assisting customers day and night. The teams have been actively dealing with challenges, including clearing numerous water-clogging issues, and continue to work around the clock to provide solutions. Building on this dedicated effort, we are pleased to announce an initiative to repair all homes within our communities affected by the recent severe weather in Dubai, at no cost to residents.

This announcement was made by Emaar’s founder, Mohamed Alabbar, emphasizing the company’s dedication to its residents.

” At Emaar Properties, we are deeply committed to the well-being and safety of all our residents and stakeholders. In response to the challenges posed by this adverse weather and heavy rains that Dubai has experienced in the past few days, I am pleased to announce that Emaar will undertake the repair of all properties within our communities that have been damaged by the recent rains at its own cost to ensure that our residents can return to their daily lives as swiftly and smoothly as possible,” Mohamed Alabbar stated. “Emaar has always strived to support our community in times of need, and as a responsible company, we undertake to provide all possible support in such situations including complete repair of our customers’ homes.”

Emaar’s dedicated teams are already coordinating with local authorities and have begun assessing and restoring the damaged properties. All homes, whether old or new, that have reported damages directly resulting from the recent rainfall and registered through Emaar call centre are eligible for this service.

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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 over 1.7 billion sq. ft. in the UAE and key international markets.

With a proven track-record in delivery, Emaar has delivered approximately 108,000* residential units in Dubai and other global markets since 2002. Emaar has strong recurring revenue-generating assets with approx. 1,300,000 square meters of leasing revenue-generating assets and 34 hotels and resorts with over 8,700 keys (includes owned as well as managed hotels). Today, 46 percent 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.

*As on 31st December 2023.

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

For more information:
Emaar Marketing Department

Email: PR@emaar.ae

• The Oasis by Emaar now boasts a 108% increase in its land space, with the total development value escalating from AED 34 billion to AED 73 billion.
• Emphasizing Emaar’s commitment to luxury and sustainability, the development offers a resort-style, community-centric lifestyle with increased green spaces, jogging tracks, and luxury amenities.

United Arab Emirates- Dubai, 22 February 2024 – Emaar Properties is thrilled to announce a significant expansion of its flagship residential development, The Oasis by Emaar, underlining its commitment to setting new benchmarks in luxury living. This prestigious project in Dubai now boasts a 108% increase in its lush landscapes, elevating the total development value from AED 34 billion to an astounding AED 73 billion.

The Oasis by Emaar, originally launched as one of Dubai’s largest and most distinguished developments, established a new standard in upscale living with exceptional architectural design and interiors by renowned global talents.

Commenting on this ambitious project, Mohamed Alabbar, founder of Emaar Properties, said: “With The Oasis’ expansion, this extraordinary development is growing not only in size but also in vision, enabling us to bring significant new projects to the market and further elevating Emaar’s sales levels. The AED 73 billion investment exemplifies Emaar’s objective of creating living spaces that combine luxury and sustainability, establishing The Oasis as an exemplary model for integrating opulent living with a greener future in Dubai’s dynamic landscape.”

Embracing a greener, more sustainable future
In keeping with Emaar’s vision of sustainable luxury living, The Oasis now boasts an expanded landscape, providing residents with an immersive experience in a lush, eco-friendly setting. The emphasis on spacious mansions and villas set against breathtaking views of water canals, lakes, and parks is intended to provide an unparalleled standard of living.

A Resort-style Lifestyle in the Heart of Dubai
The Oasis, with 25% of its land dedicated to recreational areas, emphasises a resort-style living experience. The expanded green spaces, lakes, jogging tracks, and luxury amenities are designed to encourage a community-focused, active, and healthy lifestyle.
The Oasis’s strategic location within Dubai offers close proximity to four international golf courses, which adds to its appeal to golf afficionados. Its convenient location, just a 20-minute drive from downtown Dubai, means residents are never far from the city’s vibrant attractions.

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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 over 1.7 billion sq. ft. in the UAE and key international markets.

With a proven track-record in delivery, Emaar has delivered approx. 108,000 residential units in Dubai and other global markets since 2002. Emaar has strong recurring revenue-generating assets with approx. 1,300,000 square meters of leasing revenue-generating assets and 34 hotels and resorts with over 8,700 keys (includes owned as well as managed hotels). Today, 46 percent 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, Twitter: www.twitter.com/emaardubai, Instagram: www.instagram.com/emaardubai.

 

For more information:
Emaar Marketing Department

Email: PR@emaar.ae

 

• Emaar Development now has a sales backlog of AED 57.1 billion (US$ 15.5 billion), to be recognised as revenue in the coming years.
• Emaar Development launches Palmiera at The Oasis in Dubai and Address Residences Al Marjan Island in Ras Al Khaimah, both exemplifying unparalleled elegance in     coveted locations.

Dubai, United Arab Emirates – February 08, 2024: Emaar Development PJSC (DFM: EMAARDEV), the UAE’s premier property development company specialising in the build-to-sell property development business, and a majority-owned subsidiary of Emaar Properties PJSC (DFM: EMAAR), recorded an increase of 22% in property sales to AED 37.4 billion (US$ 10.2 billion) compared to AED 30.7 billion (US$ 8.4 billion) in 2022. This performance is attributed to the 27 successful launches of new projects across various master plans, creating a foundation for future revenue.

In Q4 2023, Emaar Development unveiled Address Residences Al Marjan Island in Ras Al Khaimah, a luxurious haven blending modern elegance with the tranquillity of island living. This exclusive development, encircling the Address Al Marjan Island resort, offers a range of elegant living options from apartments to villas, all featuring contemporary design, serene interiors, and captivating sea views.

Earlier in 2023, Emaar revealed its newest lifestyle destination, The Oasis by Emaar, one of Dubai’s largest and most prestigious developments, launching the first communities in Palmiera. Covering a total land area of more than 100 million square feet (9.4 million square metres) and with a total development value of ~USD 20 billion, The Oasis by Emaar boasts exceptional architectural designs by the world’s most famous architects, with interiors created by prominent international designers. Adhering to Emaar’s commitment to delivering exceptional quality, The Oasis offers over 7,000 residential units focusing on large mansions and villas with spacious plots, providing residents with stunning views of water canals, lakes, and parks.

Performance Highlights

In 2023, Emaar Development reported an EBITDA of AED 8 billion (US$ 2.2 billion) and net profit of AED 6.6 billion (US$ 1.8 billion), an increase of 89% and 74% compared to 2022, respectively.

Emaar Development now has a sales backlog of AED 57.1 billion (US$ 15.5 billion), which will be recognised as revenue in the coming years.

“Emaar’s consistent performance in enhancing sales and profitability reflects our strategic focus on developing premier residential properties, retail, hospitality, and entertainment environments. Our commitment to excellence resonates with our clientele, reinforcing their confidence in our brand. Understanding market trends and delivering high-quality developments are key drivers of this trust. Emaar’s robust project pipeline and our keen market insights ensure we remain on a path of sustained growth and success,” said Mohamed Alabbar, founder of Emaar.

Dubai maintains its lead as a hub for trade, financial services, logistics, travel, and hospitality, with sectors like technology, renewable energy, healthcare, and education also growing rapidly. Attracting skilled professionals and investors, the region’s growth potential is accentuated by Emaar’s 2023 sales records. This aligns with the recently unveiled ‘D33 Agenda’, aiming to double Dubai’s GDP by 2033. Focusing on growth, foreign investment, and trade, the D33 Agenda seeks to position Dubai among the top global destinations for business and tourism, aiming to significantly increase foreign trade and establish Dubai as a leading global logistics and financial hub.

Delivery update

During 2023, Emaar Development has delivered over 12,000 residential units across prime locations, including Dubai Hills Estate, Dubai Creek Harbour, Downtown Dubai, Emaar Beachfront, Arabian Ranches, Emaar South, Dubai Marina and The Valley. As of December 2023, Emaar has delivered more than 70,000 residential units, with over 25,500 residences currently under development in the UAE.

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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 etc. It has delivered over 70,000 residential units since 2002. The company has a sales backlog of over AED 57.1 billion. It is a high cash flow generating business, highlighting the company’s robust fundamentals with over 25,500 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

 

 

• Emaar’s property sales backlog reached AED 71.8 billion (US$ 19.5 billion), to be recognised as revenue in the coming years
• Emaar’s EBITDA increased by 63% to AED 16 billion (US$ 4.4 billion)
• Recurring revenues grew by 26% in 2023, supported by increased tenant sales and robust tourism
• Emaar unveiled two prestigious projects, Palmiera at The Oasis in Dubai and Address Residences Al Marjan Island in Ras Al Khaimah

Dubai, United Arab Emirates – 08 February 2024: During 2023, Emaar Properties PJSC (DFM: EMAAR) demonstrated sustained profitable growth with ongoing enhancements in property sales, a notable upswing in profitability, and remarkable progress in the performance of its recurring revenue sectors.

Key Achievements Highlights

Emaar recorded revenues of AED 26.7 billion (US$ 7.3 billion) and net profit of AED 11.6 billion (US$ 3.2 billion) in 2023 achieving growth of 7% and 70% respectively compared to the same period last year. This performance was supported by growth in tourism, a continued upward trend in retail sales, and a consistent increase in real estate demand. Emaar also achieved 63% growth in EBITDA, reaching AED 16 billion (US$ 4.4 billion) during 2023 as compared to 2022.
With a 15% year-over-year growth, Emaar achieved group property sales of AED 40.3 billion (US$ 11 billion) in 2023. Enhanced by property sales during 2023, the group’s revenue backlog from property sales reached AED 71.8 billion (US$ 19.5 billion) as of 31 December 2023, indicating positive outlook for revenue recognition in the forthcoming years.

Mohamed Alabbar, founder of Emaar, stated, “Following a prosperous 2023, our achievements are indeed gratifying. The strategic initiatives undertaken in the past two years, coupled with enhancements in consumer confidence and overall business dynamics, especially in the real estate and retail sector, have significantly influenced our company’s operations throughout the previous year. With these results, we look forward to a positive performance in our shopping centres, hotels, and property sales in 2024. We remain committed to unveiling innovative projects and unparalleled offerings across all our business divisions.”

Emaar’s long-standing reputation for customer focus, exceptional design, construction excellence, and innovation across all market segments continues to attract both domestic and international investors.

UAE Build-To-Sell Property Development

Emaar Development PJSC (DFM: EMAARDEV), sustained its property sales momentum in 2023. With the successful launch of 27 new projects across all master plans in the UAE, Emaar Development achieved property sales of AED 37.4 billion (US$ 10.2 billion), reflecting a growth of over 21% compared to 2022.
In 2023, Emaar Development reported revenue of AED 11.9 billion (US$ 3.2 billion) and achieved EBITDA of AED 8 billion (US$ 2.2 billion), marking an 89% growth compared to 2022. Emaar Properties recorded a total revenue of AED 14.4 billion (US$ 3.9 billion) from its property development business in UAE (including Dubai Creek Harbour owned by Emaar Properties).
Revenue backlog from property sales in the UAE increased to AED 62.1 billion (US$ 16.9 billion) as of 31 December 2023, representing a Y-o-Y growth of around 50%.

Shopping Mall, Retail, and Commercial Leasing

Emaar’s shopping malls, retail, and commercial leasing operations recorded revenue of AED 5.8 billion (US$ 1.6 billion) in 2023. During the same period, the portfolio achieved an EBITDA of AED 5 billion (US$ 1.4 billion), marking an increase of 54% over 2022, excluding AED 700 million (US$ 191 million) gain on sale of Namshi in Q1 2023. This performance is attributed to robust growth in tenant sales, which saw an increase of around 21% compared to 2022. Our mall assets achieved an average occupancy of 97% as of 31 December 2023.
In 2023, Dubai Mall also unveiled its latest additions Dubai Mall Chinatown with a week-long China cultural event. This new extension, synergizing shopping, cultural facets, and an authentic oriental atmosphere, not only enhances the Dubai Mall’s appeal but also strengthens the strategic economic ties between the UAE and China.

Emaar International

Emaar’s international real estate operations recorded property sales of AED 2.9 billion (US$ 0.8 billion) in 2023 and recognised revenues totaling AED 3.1 billion (US$ 0.9 billion). The performance of international operations in 2023 was primarily driven by Egypt and India. Emaar’s India operation saw an increase of 4X in the property sales compared to last year driven by new launches. Revenues from international real estate operations represent over 12% of Emaar’s total revenue in 2023.

Hospitality, Leisure, and Entertainment

In 2023, Emaar’s hospitality, leisure, and entertainment divisions recorded a growth in revenues of around 20% compared to 2022, reaching AED 3.4 billion (US$ 0.9 billion). This growth was driven by a consistent recovery in the tourism industry, coupled with strong domestic spending. Emaar’s UAE hotels increased its average occupancy to 72% and sustained its ADRs level. Emaar expanded its collection of hotels, both domestically and internationally, and added around 1,600 new hotel keys with the opening of Vida Creek Beach in Dubai and Address Jabal Al Omar Makkah.

Recurring Revenue

Emaar’s diverse and sustainable revenue-generating portfolio, encompassing malls, hospitality, leisure, entertainment, and commercial leasing, achieved positive results in 2023. The portfolio recorded revenues totaling AED 9.2 billion (US$ 2.5 billion), showcasing a growth of more than 26% compared to the corresponding period in the previous year (excluding Namshi, sold in February 2023). Revenue from this portfolio constituted over 34% of Emaar’s total revenue in 2023.

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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 over 1.7 billion sq. ft. in the UAE and key international markets.
With a proven track-record in delivery, Emaar has delivered approximately 108,000 residential units in Dubai and other global markets since 2002. Emaar has strong recurring revenue-generating assets with approx. 1,300,000 square meters of leasing revenue-generating assets and 34 hotels and resorts with over 8,700 keys (includes owned as well as managed hotels). Today, 46 percent 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, Twitter: www.twitter.com/emaardubai, Instagram: www.instagram.com/emaardubai.

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

• Emaar finalizes detailed designs for “Dubai Square,” a future top retail and entertainment mall in Dubai Creek Harbour.
• “Dubai Square” sets a new standard in retail and introduces groundbreaking technologies and unique concepts in retail, dining, and
entertainment.
• The project prioritizes skill development for UAE nationals, reflecting Emaar’s dedication to national workforce enhancement.

Dubai, United Arab Emirates – February 7, 2024: Emaar Properties, the prime real estate development company, has completed the detailed design of “Dubai Square,” set to become the second-largest shopping and entertainment mall in Dubai Creek Harbour.
This significant project represents a step in establishing Dubai as a prime global destination for shopping and leisure. “Dubai Square” will feature breakthrough technologies and innovative concepts in retail, dining, and entertainment, offering an unparalleled experience that goes beyond traditional shopping environments.

“Dubai Square” is characterized by its advanced technologies, and contemporary and innovative design and will be linked to the new Dubai Creek Tower, giving it a distinctive position in the heart of Dubai Creek Harbour. The simultaneous construction of the shopping centre and the tower incorporates the latest building and design innovations and technologies underpinned by Emaar’s rich experience and deep knowledge in the sector and aligning with the company’s vision for Dubai’s future.

Emaar has also highlighted the project’s significance as a perfect opportunity for employee skill development, particularly for young Emirati nationals, reflecting the company’s dedication to boosting local expertise and supporting national development.
Mohamed Alabbar, founder of Emaar Properties, said: “After fifteen years of catering for a hundred million visitors on a yearly basis and over 1,500 retailers, Emaar has a great wealth of knowledge and experience and is perfectly capable of doing the same with the new project while still seeking retailers’ advice as we do this development.”

“Despite the fact that AI is a new science in design, Emaar is implementing and deploying the most advanced AI systems to analyse and predict the needs of retailers and visitors in the future,” he added.

“Dubai Square” is part of an ultra-modern and elegant urban project, Dubai Creek Harbour, on the banks of the historic Dubai Creek. Its design features pedestrian-friendly streets and encompasses 7.4 million square meters of residential space and 500,000 square meters of gardens and open areas. Dubai Creek is an integrated project facilitating easy on-foot accessibility and is distinguished by a variety of retail stores, commercial ventures, entertainment, and leisure destinations, and top-tier facilities. The project also includes the Ras Al Khor Wildlife Sanctuary, a prominent biodiversity site in the UAE.
The project offers a range of modern real estate embodying the contemporary architectural style of Dubai Creek’s waterfront, including a wide selection of apartments, duplex units, and penthouses suitable for all lifestyles.

-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 approximately 108,000 residential units in Dubai and other global markets since 2002. Emaar has strong recurring revenue-generating assets with approx. 1,300,000 square meters of leasing revenue-generating assets and 34 hotels and resorts with over 8,700 keys (includes owned as well as managed hotels). Today, 46 percent 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, Twitter: www.twitter.com/emaardubai, Instagram: www.instagram.com/emaardubai.

For more information:
Emaar Marketing Department

Email: PR@emaar.ae

• Emaar introduces Palmiera at The Oasis, the first phase launching at Dubai’s latest luxury lifestyle landmark in Dubai.
• Emaar Development’s sales backlog has continued to increase to AED 59.6 billion (US$ 16.2 billion), which will be recognised as revenue in the coming years. 

 

Dubai, United Arab Emirates- November 9, 2023: Emaar Development PJSC (DFM: EMAARDEV), the UAE’s premier property development company specialising in build-to-sell property development business, that is majority-owned by Emaar Properties PJSC (DFM: EMAAR), sustained its momentum in property sales in the third quarter (July to September) of 2023 as well. The company’s property sales increased by 25%, 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. This performance is attributed to the 20 successful launches of new projects across various master plans, creating a foundation for future revenue.

 

Emaar revealed Palmiera, the latest lifestyle destination launching within The Oasis. Palmiera brings a unique blend of modern living within the luxury of The Oasis. With an estimated development value of around ~USD 20 billion for the entire project, The Oasis is distinguished by iconic architectural masterpieces from globally renowned architects and interiors fashioned by famous international designers. Consistent with Emaar’s promise of unparalleled quality, The Oasis, presents more than 7,000 residential spaces, predominantly expansive mansions and villas, graced with breathtaking vistas of water channels, lakes, and green expanses.

 

Performance Highlights

 

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% and 43% compared to the same period in 2022, respectively.

 

Emaar Development has a sales backlog of AED 59.6 billion (US$ 16.2 billion), which will be recognised as revenue in the coming years.

 

Mohamed Alabbar, founder of Emaar, commented: “Our sustained performance in Q3 is a testament to Emaar Development’s dedication to excellence and keen market insight. 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.”

“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,” he concluded.

 

Delivery Updates

 

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.

 

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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, etc. It has delivered over 66,000 residential units since 2002. The company has a sales backlog of over AED 59.6 billion. It is a high cash flow generating business, highlighting the company’s robust fundamentals with over 27,000 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 69.5 billion (US$ 18.9 billion), set to boost future revenue
• Recurring revenues records growth of 26% in the first 9 months of 2023, supported by increased tenant sales and robust tourism

 

Dubai, United Arab Emirates – November 09, 2023: Emaar Properties PJSC (DFM: EMAAR) announced its financial results for the first nine months of 2023 demonstrating operational excellence and sustained growth across its diverse portfolio.

Key Accomplishment Highlights

Emaar recorded nine-month 2023 revenues of AED 18.4 billion (US$ 5.0 billion) with net profit of AED 8.2 billion (US$ 2.2 billion) which grew 42% compared to the same period last year. This sustained performance was bolstered by growth in tourism, higher retail sales, and rise in real estate demand. Emaar also achieved a notable 29% growth in EBITDA, reaching AED 10.8 billion (US$ 2.9 billion) during the first 9 months of 2023, well exceeding the performance in the same period in 2022.

With a 16% year-over-year growth, Emaar achieved group property sales of AED 31.1 billion (US$ 8.5 billion) for the first 9 months of 2023. Enhanced by incremental property sales, the company’s revenue backlog from property sales reached AED 69.5 billion (US$ 18.9 billion) as of September 30, 2023, indicating robust outlook for revenue recognition in the forthcoming years.

Mohamed Alabbar, Founder of Emaar, said: “Our results are a testament to Emaar’s unwavering pursuit of excellence and innovation. With the continued surge in tourism, the launch of attractions like the Dubai Mall Chinatown, and the positive trajectory in property sales, we are honouring our commitment to both our loyal and new customers. Our financial performance, underscored by recent credit rating upgrades, reflects our strategic investments and their ensuing returns. As we approach the year’s end, we remain confident and focused on further enhancing our operational efficiencies, thereby delivering even more value to our customers and stakeholders.”

UAE Build-To-Sell Property Development

Emaar Development PJSC (DFM: EMAARDEV) maintained strong property sales momentum in Dubai in Q3. With the successful launches of 20 new projects in the UAE across all master plans, Emaar Development recorded strong property sales of AED 28.9 billion (US$ 7.9 billion) during the first nine-months of 2023, reflecting a growth of 25% over the same period in previous year (9M 2022).

During the first 9 months of 2023, Emaar Development reported revenue of AED 7.4 billion (US$ 2.0 billion) and achieved EBITDA of AED 4.5 billion (US$ 1.2 billion), a 36% growth over the same period in 2022. Together with other build-to-sell operations in the UAE, Emaar recorded total UAE build-to-sell revenues of AED 9.5 billion (US$ 2.6 billion).

Supported by sustained property sales in Q3 2023, revenue backlog from property sales in UAE increased to AED 59.6 billion (US$ 16.2 billion) as of 30 September 2023, representing Y-o-Y growth of over 60%, which is set to boost future revenues.

Shopping Mall, Retail, and Commercial Leasing

In the first nine months of 2023, Emaar’s shopping malls, retail, and commercial leasing operations reported a revenue of AED 4.3 billion (US$ 1.2 billion). During the same period, the portfolio achieved an EBITDA of AED 3.6 billion (US$ 980 million) a 36% increase over 9M 2022 after excluding gain on sale of Namshi in the first quarter of 2023 amounting to AED 700 million (US$ 191 million). This success is credited to robust tenant sales, which grew by around 25% compared to 9M 2022. Our mall assets achieved an impressive average occupancy rate of 97%.

In September 2023, Dubai Mall officially unveiled its latest additions: Dubai Mall Chinatown with a week-long China cultural event. This new extension, synergizing shopping, cultural facets, and an authentic oriental atmosphere, not only enhances the mall’s appeal but also strengthens the strategic economic ties between the UAE and China. Visitors stepping into this space are seamlessly transitioned into an oriental panorama, ranging from food and wellness to art and advanced technology, reaffirming Emaar’s commitment to continuously expand and refine its retail and leisure offerings.

Emaar International

Emaar’s international real estate operations achieved property sales of AED 2.2 billion (US$ 599 million) and recorded revenues totalling to AED 2.1 billion (US$ 572 million) during the first nine-months of 2023. This performance is primarily driven by operations in Egypt and India. Revenues from international real estate operations represent over 11% of Emaar’s total revenue.

Hospitality, Leisure, and Entertainment

In the first nine-months of 2023, Emaar’s hospitality, leisure, and entertainment divisions recorded AED 2.5 billion (US$ 681 million) in revenues, achieving an 22% growth compared to 9M 2022. The growth was mainly driven by the steady recovery in the tourism industry and strong domestic spending. Emaar’s UAE hotels, including those under management, reported an average occupancy of 70% in the first nine-months of 2023.

Recurring Revenue

Emaar’s 9M 2023 financial results show a 26% increase in revenue from its recurring businesses compared to same period last year (9M 2022); after excluding Namshi, which was sold in February 2023. The company’s recurring revenue-generating portfolio, including malls, hospitality, leisure, entertainment, and commercial leasing, collectively generated revenues of AED 6.8 billion (US$ 1.9 billion) during 9M 2023 which represents 37% 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 of 1.7 billion sq. ft. in the UAE and key international markets.

With a proven track-record in delivery, Emaar has delivered over 102,000 residential units in Dubai and other global markets since 2002. Emaar has strong recurring revenue-generating assets with over 1,300,000 square meters of leasing revenue-generating assets and 38 hotels and resorts with over 9,600 rooms (includes owned as well as managed hotels). Today, 48 percent of Emaar’s revenue is from its shopping malls & retail, hospitality, leisure, entertainment, commercial leasing, and international businesses.

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

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

 

For all media queries, please contact:

Emaar Marketing Department

Email: PR@emaar.ae