Dubai, United Arab Emirates – 8 April, 2021: Emaar Development PJSC (DFM: EMAARDEV) held its Annual General Meeting (AGM) today, 8 April 2021. Its Board of Directors reflected on the company’s 2020 durable performance and resilience during challenging times.
The Board of Directors also expressed their commitment to delivering high-quality homes to its customers and despite the Covid-19 pandemic will continue to progress at speed for its upcoming master developments.
During the Annual General Meeting, the report by the Board of Directors on the activities and financial position of the company, and the Auditor’s report were also approved.
Emaar Development PJSC reported property sales of AED 6.308 billion (US$ 1.717 billion) and with a net profit of AED 1.657 billion (US$ 451 million) for 2020. Emaar continues to maintain a healthy sales backlog of AED 24.605 billion (US$ 6.699 billion) to be recognised in the coming years.
Emaar Development has delivered approximately 4,800 residential units in 2020 across prime locations, including Dubai Hills Estate, Dubai Creek Harbour, Downtown Dubai, Arabian Ranches and Emaar South. As of December 2020, Emaar has delivered more than 47,000 residential units, with over 26,000 residences currently under development in the UAE.
Emaar Development is expected to deliver over 6,000 residential units in 2021 across various masterplans mainly in Dubai Creek Harbour, Dubai Hills Estate and Downtown Dubai.
Recognising Emaar Development’s resilient performance despite the impact of the Covid-19 pandemic and its effect on companies globally, Mohamed Alabbar, Founder, Emaar Properties, said: “Emaar Development remains committed to its projects’ delivery timeframes and we are working diligently to continue to go above and beyond expectations. Thanks to the strength and commitment of our shareholders, management, and staff we have continued to remain profitable despite the global challenges.
“We are optimistic that 2021 will see market conditions continue to gradually improve, and Emaar Development is dedicated to driving its key projects at optimal speed through digital innovation and by continually adopting future-forward concepts to deliver world-class developments,” Alabbar added.
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Note to Editors:
About Emaar Development PJSC:
Emaar Development is the leading 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 and Arabian Ranches, and has delivered over 47,000 residential units since 2002. The company has a sales backlog of over AED 24.605 billion, and is a high cash flow generating business, highlighting the robust fundamentals of the company, with over 26,000 residential units under development to be delivered. For more information, please visit
www.properties.emaar.com/en/investor-relations/
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