Category: Business Segments

  • Emaar Properties and DWTC join forces to form a joint venture to develop Expo Living, a new urban community in the heart of Dubai South
  • Terra Heights, the first residential phase, is now open for launch, offering one- and two-bedroom apartments with open layouts and views of green courtyards.
  • Spanning 451,295 square metres, the joint venture integrates residential units with retail and hospitality, including Expo Mall.
  • Aligned with Dubai’s 2040 Urban Plan, Expo Living integrates sustainable practices to enhance well-being and urban living.

Dubai, UAE – 14 November 2024: Emaar Properties and Dubai World Trade Centre (DWTC) have established a joint venture to develop Expo Living, a new residential lifestyle community at Expo City Dubai. Expo Living, a thoughtfully designed urban community will offer a modern lifestyle for residents seeking seamless connectivity, exceptional experiences, and serene living spaces. Terra Heights, the first residential phase of Expo Living, is now open for launch.

Expo Living’s strategic location ensures easy access to key destinations, placing residents just a 15-minute walk from Expo City and Dubai Exhibition Centre, which is set for an AED10 billion expansion that will increase the exhibition space from 58,000 sqm to 180,000 sqm by 2031, making it the largest indoor exhibition and events destination in the region, while being a short drive from Dubai’s upcoming mega gateway, Al Maktoum International Airport.

Emaar Properties and DWTC’s shared vision for the Expo Living development covers a total area of 451,295 square metres, including 358,473 square metres of residential spaces, complemented by Dubai Expo Mall, a contemporary shopping destination offering a curated selection of retail, dining, and leisure options.

Green parks, landscaped courtyards, and a variety of fitness facilities form the heart of the community, creating a balance between relaxation and social interaction. Residents can unwind at the yoga deck, enjoy the outdoor pools, or gather with friends at barbecue areas. With easy access to global events at Expo City and Dubai Exhibition Centre, Expo Living offers a seamless blend of dynamic urban life and serene living.

“Expo Living reflects our focus on creating places where people can connect, grow, and thrive,” said Mr Ahmed Al Matrooshi, Executive Director, Emaar Properties. “Its location, right next to Expo City and minutes from Al Maktoum International Airport, puts residents in the centre of its all. Whether for work, travel, or leisure, everything is within easy reach. With well-planned amenities and a design that encourages community living, Expo Living makes balancing the fast pace of Dubai with moment of peace effortless.”

“The joint venture between DWTC and Emaar Properties represents a significant step forward in expanding and enriching the vibrant, integrated community of Expo City Dubai”, said Amer Al Farsi, Acting Vice President of Real Estate Development at Dubai World Trade Centre. “This flagship development, together with Dubai Exhibition Centre and Expo Village, aligns with the Dubai 2040 Urban Master Plan to create a premier residential community within this urban hub, setting a new benchmark for connected and innovative urban living.”

Expo Living aligns with Dubai’s 2040 Urban Plan by integrating sustainable design elements that promote environmental responsibility and community well-being. Residents benefit from a balanced environment where retail, hospitality, and residential spaces are harmoniously connected.

Expo Living embodies the future of urban living—connecting residents to local and global opportunities while offering a lifestyle rooted in balance, sustainability, and well-being.

 

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

With a proven track-record in delivery, Emaar has delivered approx. 117,000 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 38 hotels and resorts with around 9,200 keys (includes owned as well as managed hotels). Today, 36 percent of Emaar’s revenue is from its shopping malls, hospitality, leisure, entertainment, commercial leasing, and international businesses.

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 all media queries, please contact: PR@emaar.ae

About Dubai World Trade Centre (DWTC)

A global business facilitator since 1979, Dubai World Trade Centre (DWTC) is home to the region’s leading purpose-built convention and exhibition centre. DWTC provides a platform for connecting people, products, innovation and ideas from around the world through a dynamic calendar of international trade exhibitions and its own roster of sector leading mega events. As a designated free zone, complemented by award-winning commercial real estate, DWTC plays an integral role in Dubai and the region’s growth story. Since its inauguration, DWTC has hosted over 6,000 events, with an estimated economic output of AED 248 billion, attracting over 38 million business visitors to Dubai.

Building on this legacy, DWTC’s second flagship venue, the Dubai Exhibition Centre (DEC), stands as a premier destination for prominent national and international mega events. Strategically aligned with the Dubai 2040 Urban Master Plan, DEC’s recently announced AED 10 billion expansion is integral to Expo City Dubai’s vision of becoming a global business hub for exhibitions and events. Additionally, developed and managed by DWTC for Expo 2020 Dubai, Expo Village hosts a vibrant residential community with 2,273 units across four clusters, also integrated within the Expo City Dubai ecosystem.

For more information, please contact: media@dwtc.com

  • Revenue for first nine months of 2024 grew by 69% to AED 12.5 billion (US$ 3.4 billion) compared to the same period of 2023.
  • Emaar Development’s sales backlog has increased to AED 83.7 billion (US$ 22.8 billion), 47% higher than December 2023, to be recognised as revenue in the coming years.

Dubai, United Arab Emirates – November 11, 2024: Emaar Development PJSC (DFM: EMAARDEV), the UAE’s premier property development company specializing in build-to-sell assets and majority-owned by Emaar Properties PJSC (DFM: EMAAR), maintained strong momentum during the third quarter of 2024 as well. Property sales rose by 66 percent to AED 48 billion (US$ 13.1 billion) during the first nine months of 2024, compared to AED 28.9 billion (US$ 7.9 billion) for the same period in 2023. The success of 50 projects launches across all the masterplans during first nine months of 2024 further underscores Emaar’s market leadership and positions the company for sustained future growth.

During third quarter of 2024, Emaar introduced “Lavita” at The Oasis, its first community of luxury mansions. Set within a tranquil waterfront landscape, this exclusive collection of 43 six- and seven-bedroom homes blends modern comfort with timeless elegance. Each mansion reflects one of four architectural styles, tailored to the unique character of its residents. Part of The Oasis, a 100-million-square-foot master-planned community, Lavita integrates wellness centres, boutique shops, and walking trails, with energy-efficient systems and eco-friendly materials woven throughout.

Performance Highlights

In the first nine months of 2024 (January to September), Emaar Development reported a Revenue of AED 12.5 billion (US$ 3.4 billion) and an EBITDA of AED 6 billion (US$ 1.6 billion), 69% and 35% higher than first nine months of 2023, respectively.

With a continued uptrend in sales, Emaar sales backlog has reached AED 83.7 billion (US$ 22.8 billion), 47% higher than December 2023, to be recognised as revenue in the coming years.

Mohamed Alabbar, founder of Emaar, commented: “Our performance this quarter reflects the confidence and trust that our customers place in Emaar’s vision. By continuing to innovate and stay ahead of market trends, we create experiences that resonate with evolving lifestyles. Our strategy is centred on adding sustainable value for both our customers and shareholders, driving growth that aligns with Dubai’s ambitions.”

Dubai’s rapid population growth has further solidified its position as a global hub for trade, financial services, logistics, travel, and hospitality. With the city’s population nearing 3.8 million and continuing to rise, demand for housing, infrastructure, and services is expanding at an unprecedented pace. This growth is also driven by emerging sectors such as technology, renewable energy, healthcare, and education, attracting a diverse community of skilled professionals. Emaar Development’s strong sales in the first nine months of 2024 reflect the region’s ability to accommodate this population surge while sustaining high levels of investment and economic growth.

 

-ENDS –

 

Note to editors:

About Emaar Development PJSC:

Emaar Development is a developer of prime 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 73,000 residential units since 2002. The company has a sales backlog of over AED 83.7 billion. It is a high cash flow generating business, highlighting the company’s robust fundamentals with over 39,000 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

  • Revenue increased by 30% to AED 23.8 billion (US$ 6.5 billion) and Net profit before tax grew by 24% to AED 12.4 billion (US$ 3.4 billion) in 9M-2024 compared to 9M-2023

Dubai, United Arab Emirates – November 11, 2024: Emaar Properties PJSC (DFM: EMAAR) has announced its financial results for the first nine months of 2024, showcasing consistent growth and operational efficiency across its diverse business segments.

Key Performance Highlights

Emaar recorded total revenues of AED 23.8 billion (US$ 6.5 billion) and a net profit before tax of AED 12.4 billion (US$ 3.4 billion), achieving growth of 30% and 24% over the same period last year. Driven by robust demand in Dubai’s real estate market, consistent project execution capabilities, and sustained investor confidence, our remarkable performance is further bolstered by continued growth in Dubai tourism and retail sales. Emaar’s strategy to improve profit margins and optimise operational efficiencies resulted in Emaar achieving a 17% growth in EBITDA, reaching AED 12.6 billion (US$ 3.4 billion) in the first nine months of 2024. This growth is underpinned by Emaar’s commitment to delivering premium projects and experiences, enhancing value for both its customers and stakeholders.

Emaar’s momentum of property sales continued and reached AED 50 billion (US$ 13.6 billion) in the first nine months of 2024, a growth of 60% compared to the same period last year. This sales performance further expanded the company’s revenue backlog from property sales to over AED 100 billion (US$ 27.2 billion) at the end of September 2024, up 45% from September 2023 and 12% from June 2024. This backlog will be recognized as revenue over the next 4-5 years, indicating sustained profitability.

Commenting on the performance, Mohamed Alabbar, stated: “Our consistent performance in the first nine months of 2024 is a testament to our ability to adapt and thrive in an ever-changing global market. By investing in key locations and launching innovative projects, we continue to redefine luxury living and elevate the lifestyle experience for our customers. As we look forward to the remainder of the year, we are focused on leveraging our strengths to seize new opportunities and drive sustainable growth across all our business segments.”

UAE Build-To-Sell Property Development

Emaar Development PJSC (DFM: EMAARDEV), a majority-owned subsidiary, successfully launched 50 projects across various masterplans and recorded the highest-ever property sales of AED 48 billion (US$ 13.1 billion) in the first nine months of 2024, achieving a growth of 66% over the same period last year (9M-2023).

Emaar Development continued its strong financial performance in Q3 2024 and recorded revenue of AED 12.5 billion (US$ 3.4 billion) and an EBITDA of AED 6 billion (US$ 1.6 billion) in the first nine months of 2024, achieving growth of 69% and 35% respectively over 9M-2023. The consolidated revenue of Emaar Properties from its property development business in the UAE during 9M-2024 reached AED 15.4 billion (US$ 4.2 billion), including Dubai Creek Harbour.

With a continued uptrend in real estate sales, the backlog of Emaar from property sales in the UAE has reached AED 93.8 billion (US$ 25.5 billion), 51% higher than December 2023, which will be recognised as revenue in the coming years.

Shopping Malls and Commercial Leasing

Malls and commercial leasing operations of Emaar achieved revenue of AED 4.2 billion (US$ 1.1 billion) and an EBITDA of AED 3.5 billion (US$ 953 million) in the first nine months of 2024 (9M-2024). During the period, the retail sales performance of our tenants has also witnessed growth of over 6% compared to the same period last year. Emaar Malls prime assets boast occupancy of over 99% as of 30 September 2024.

In June 2024, Emaar Malls announced an 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.

Dubai Mall achieved a milestone in 2023, becoming the most visited place on Earth with 105 million visitors and recording very strong retail sales. This momentum continued into the first nine months of 2024, with the mall receiving a record 82 million visitors, marking an over 6% increase from the same period last year.

Emaar International

In the first nine months of 2024, Emaar’s international real estate operations recorded property sales of AED 1.9 billion (US$ 517 million) and revenues of AED 1.6 billion (US$ 436 million) during the first nine months of 2024, primarily driven by operations in Egypt and India. Revenues from international operations represented 7% of Emaar’s total revenue.

Hospitality, Leisure, and Entertainment

In the first nine months of 2024, Emaar’s hospitality, leisure, and entertainment divisions recorded revenues of AED 2.6 billion (US$ 708 million) for the first nine months of 2024, achieving a 7% growth compared to the same period last year. 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 77% in the first nine months of 2024.

Recurring Revenue

Emaar’s recurring revenue-generating portfolio, including malls, hospitality, leisure, entertainment, and commercial leasing, collectively generated revenues of AED 6.8 billion (US$ 1.8 billion) during the first nine months of 2024. This revenue represents 29% of Emaar’s total revenue, reflecting the stability and resilience of Emaar’s diversified business model.

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

With a proven track-record in delivery, Emaar has delivered approx. 117,000 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 38 hotels and resorts with around 9,200 keys (includes owned as well as managed hotels). Today, 36 percent of Emaar’s revenue is from its shopping malls, hospitality, leisure, entertainment, commercial leasing, and international businesses.

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 all media queries, please contact:
Emaar Marketing Department; Email: PR@emaar.ae

Contemporary art exhibition at Foundry, Downtown Dubai, with blank canvases

This winter, Downtown Dubai’s Foundry opens its doors to Fictional Landscapes, a compelling group exhibition exploring the intersections of identity, migration, and social change. From 9th November to 15th December 2024, the show brings together the work of 28 women artists from South Asia, the Middle East, and post-Soviet countries, offering a rich collection of stories told through textiles, paintings, video installations, and performance pieces. The unrepresented and independent artists presents unique perspectives on the landscapes they inhabit—spaces that exist not just in geography but also in the emotional, political, and cultural realms.

At the core of this exhibition lies a reimagining of landscapes—not just as natural terrains but as entire art spaces shaped by personal and collective memory. These works offer reflections on belonging, displacement, transformation, and the ongoing impact of migration on individual lives. The exhibition invites viewers to immerse themselves in narratives where public and personal spaces overlap, blurring boundaries and reshaping our understanding of the world around us.

Among the featured artists are Irina Nakhova and Oksana Mas, renowned for their work on identity and memory, which has appeared at the Venice Biennale. Emerging UAE-based talents like Sara Masinaei and Sophiya Khwaja join them, offering intimate perspectives on home, displacement, and personal identity. The exhibition also highlights the contributions of Anna Afonina, Almagul Menlibayeva, and Fatima Uzdenova, whose works challenge patriarchal systems and explore the interplay between political realities and social change. These diverse voices create a compelling dialogue, connecting personal stories to larger cultural conversations through an array of artistic mediums.

Beyond the Gallery Walls

Fictional Landscapes is not confined to the walls of the gallery; it invites its guests to reflect upon their environment and the way art is influenced by the urban environment. The exhibition extends its conversation to the streets of Dubai and its ever-changing landscape. The artworks featured in this exhibition explore gender, migration, and politics, prompting viewers to question how these themes shape both personal lives and larger social movements. Through immersive media, tactile installations, and conceptual performances, visitors are drawn into a dialogue between public and private spaces. The exhibition suggests that landscapes are not just backdrops to human experience but active players in shaping identity and society.

Foundry Dubai’s Evolving Art Scene

Foundry Dubai is a is hybrid progressive art space, located in Boulevard Crescent, has quickly become a creative hub for regional and global talent, known for its innovative blend of gallery spaces, co-working environments, and cultural programming. The space aims to foster artistic exchange, bridging different perspectives through exhibitions like Fictional Landscapes. It offers a platform where local creatives and international voices meet, underscoring Dubai’s ambition to become a global arts destination.

As part of Emaar Properties’ portfolio, Foundry Downtown Dubai reflects the company’s commitment to integrating culture and the local creative community into its developments. Emaar, known for creating landmarks like the Burj Khalifa and Dubai Opera, supports initiatives that promote artistic expression and collaboration. Foundry exemplifies this vision by building spaces that nurture creativity, aligning with Dubai’s Creative Economy Strategy to expand art tourism and position the city as a leading destination for culture and innovation.

Connecting Through Stories

At a time when migration, memory, and identity dominate global conversations, Fictional Landscapes offers an artistic lens through which to explore these themes. By highlighting both established and emerging voices, the exhibition provides a platform for personal stories to enter a larger cultural dialogue. It emphasizes the evolving nature of contemporary art within Dubai’s evolving cultural scene and its ability to create connections across diverse audiences.

The artists use their work to reflect on the complexities of gender and politics, creating pieces that resonate with viewers on both personal and societal levels. As a hybrid progressive art space, the exhibition suggests that art can act as a bridge between individual experiences and collective histories, encouraging culture enthusiasts and audiences to reflect on their own place within these narratives.

Mark Your Calendar

Fictional Landscapes offers an immersive experience that will leave a lasting impression. Whether you’re an art enthusiast or someone curious about new perspectives, this exhibition provides an opportunity to engage deeply with stories that transcend cultural boundaries.

Running from 9th November to 15th December 2024 at Foundry, Downtown Dubai, the Fictional Landscapes promises to be a highlight of the city’s cultural calendar. Explore the works, reflect on their themes, and enjoy the vibrant surroundings of Downtown Dubai—because some journeys are too meaningful to miss.

  • Emaar is offering an exclusive New Year’s Eve experience at Burj Park, with front-row views of the Burj Khalifa fireworks and synchronised Dubai Fountain show, live entertainment, and curated food and beverage stalls.
  • While Burj Park is a ticketed experience, other viewing areas in Downtown Dubai will remain free and open to the public.
  • Tickets for Burj Park, starting at AED 580 for adults and AED 370 for kids above the age of 5, will be available from October 24, 2024, at mydubainewyear.emaar.com.

Dubai, UAE – October 14, 2024 – Following the success of last year’s exclusive New Year’s Eve experience, Emaar is proud to once again offer a premier celebration at Burj Park, providing attendees with front-row views of the world-renowned Burj Khalifa fireworks and synchronised Dubai Foutain show. This year’s event promises an even more refined and unforgettable experience, with live entertainment, kids’ workshops, a curated selection of food and beverage options, and a welcoming atmosphere for families and friends to celebrate the arrival of 2025.

Burj Park will once again be the ideal location for guests looking to enjoy the iconic Burj Khalifa light, music, and fireworks show in an exclusive, ticketed setting. Guests can secure a coveted direct view, ensuring an experience free from the usual New Year’s Eve crowds. Whereas Burj Park offers this ticketed experience, the rest of the public viewing areas in Downtown Dubai will remain free and open to the public, allowing everyone to enjoy the spectacular display.

Starting at 3:30 pm on December 31, 2024, guests can enjoy a vibrant array of live entertainment throughout the day, including DJ performances, live bands, and children’s activities. More than 10 food and beverage stalls will offer a wide range of dining options, creating a truly festive experience.

Tickets are priced at AED 580 for adults and AED 370 for kids above the age of five (inclusive of VAT). Each ticket includes a food and beverage voucher (AED 60 for adults and AED 30 for kids) adding to the seamless experience. Seating will be available on a first-come, first-served basis, with a combination of picnic tables, drum tables, and bean bags to ensure comfort for all attendees.

Emaar has streamlined the guest experience with improved navigation and designated badge collection points. Attendees are requested to collect their badges from December 26 to 30 to ensure smooth entry to Burj Park. Colour-coded navigation flags will further assist guests in finding their way to the venue.

Tickets will go on sale starting October 24, 2024, and can be booked through the official website: https://mydubainewyear.emaar.com.

-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 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 over 9,100 keys (includes owned as well as managed hotels). Today, 37% 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’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.

-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 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

Stunning night-time view of Downtown Dubai with Burj Khalifa towering over the city skyline

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.

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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 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].

-ENDS-