Dubai, United Arab Emirates – 22 April 2022: Emaar Development PJSC (DFM: EMAARDEV) held its Annual General Meeting (AGM) yesterday, 21 April 2022. Its Board of Directors reflected on the company’s 2021 robust performance and resilience during a time of great economic recovery from disruption caused by the Covid-19 pandemic.
The Board of Directors also expressed their commitment to delivering high-quality homes and communities to its customers and residents while ensuring that all future projects are completed within its stated time frames.
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 27.440 billion (US$ 7.471 billion), an increase of 335% compared to 2020, with a net profit of AED 3.244 billion (US$ 883 million) which reflects a 96% growth compared to 2020. Emaar Development continues to maintain a healthy sales backlog of AED 28.616 billion (US$ 7.791 billion) which will be recognized as revenue in the coming years.
Emaar Development has delivered over 4,700 residential units in 2021 across prime locations, including Dubai Hills Estate, Dubai Creek Harbour, Downtown Dubai, Emaar South and Emaar Beachfront.
Emaar Development is expected to deliver around 8,500 units in 2022 and over 24,500 residential units are currently under construction across various masterplans mainly in Downtown Dubai, Dubai Hills Estate, Dubai Creek Harbour, Emaar South, Emaar Beachfront etc.
Recognising Emaar Development’s record-breaking performance in the last fiscal year, Mohamed Alabbar, Founder, Emaar Properties, said: “Emaar Development is extremely proud to be the industry leader in development and construction and we remain committed to delivering our highly anticipated upcoming projects within the stated timeframes. Our success and year on year profit is due to the diligence of our shareholders, management and highly skilled staff and we look forward to continuous growth and success through digital innovation and the adoption of future-forward concepts.”
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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 52,000 residential units since 2002. The company has a sales backlog of over AED 28.616 billion, and is a high cash flow generating business, highlighting the robust fundamentals of the company, with over 24,500 residential units under development to be delivered. For more information, please visit
https://properties.emaar.com/en/investor-relations/
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