Tag: Press Release

• Emaar’s property sales backlog reached to AED 51.9 billion (US$ 14.1 billion), to be recognized as revenue in coming years
• Malls revenue records 24% growth over the same period in 2021, supported by record tenant sales which surpasses pre-Covid level
• Hospitality revenue grew by 48% compared to the same period in 2021, reflecting the tourism sector’s robust post-pandemic recovery
• Acquisition of Dubai Creek Harbour for a consideration of AED 7.5 billion (US$ 2 billion) to be paid equally in cash and shares, offering
future profit potential in a highly desired area within Dubai
• Sale of Namshi for AED 1.2 billion (US$ 335 million) represents an excess of AED 127 million (US$ 35 million) on the total investment

Dubai, United Arab Emirates – 14 November 2022: Emaar Properties PJSC (DFM: EMAAR), announced continued growth in the first nine-month profitability, underpinned by robust property sales and growth in the performance of recurring revenue businesses.

Key performance highlights
Emaar recorded revenue during the first nine months of 2022 (“9M 2022”) amounting to AED 18.9 billion (US$ 5.1 billion) supported by the uptrend of the Dubai property market and continued growth in recurring revenue businesses. EBITDA and net profit of 9M 2022 increased by 47 per cent and 124 per cent respectively to AED 8.4 billion (US$ 2.3 billion) and AED 5.8 billion (US$ 1.6 billion) respectively as compared to 9M 2021, as a result of sustained revenue, improved margins and greater control on costs.

EBITDA and net profit for Q3 2022 increased by 12 per cent and 46 per cent respectively to AED 2.3 billion (US$ 626 million) and AED 1.5 billion (US$ 408 million), respectively, compared to similar period during last year.

Emaar successfully launched many projects both in the UAE and international markets. Led by new project launches and continued focus on sale of units in under-construction projects, Emaar has recorded highest ever group property sales of AED 26.9 billion (US$ 7.3 billion) during 9M 2022. Property sales backlog of Emaar reached to AED 51.9 billion (US$ 14.1 billion), which will be recognized as revenue in the coming years.

Emaar has also announced notable strategic transactions in the third quarter which reinforce the company’s strategy to focus on core pillars of the business and provide sustained long-term financial return and shareholder benefits.

The proposal to purchase Dubai Creek Harbour for an overall consideration of AED 7.5 billion (US$ 2 billion), to be paid equally in cash and shares of Emaar Properties PJSC, was approved by the Board of Directors as well as the shareholders in the general meeting.

The Board of Directors as well as shareholders of Emaar Properties PJSC have also approved the sale of Namshi to Noon for a total cash consideration of AED 1.2 billion (US$ 335 million), representing an excess of AED 127 million (US$ 35 million) over the total investment in Namshi.

An Emaar spokesperson said: “Q3 was another strong period for Emaar as we continue to build on momentum generated in the first half of the year. The strategic measures put in place following the pandemic are seeing fruition as all parts of the company benefit from increased consumer confidence and activity, particularly in the real estate market. As we move into Q4 2022, we are confident of a further uplift in our malls, hospitality, and retail assets as we head into the winter months and see a boost to the tourism and retail sectors.”

Emaar’s integrated masterplan developments remain popular with both domestic and foreign investors thanks to the company’s longstanding reputation for customer focus, superior design, construction quality, and innovation across all its market segments.

Emaar Development
Emaar Development PJSC (DFM: EMAARDEV), the UAE build-to-sell property development business, majority-owned by Emaar Properties, maintained strong property sales momentum in Dubai in Q3 and recorded 9M 2022 property sale of AED 23.2 billion (US$ 6.3 billion), 11 per cent higher than same period in 2021. Emaar Development reported 9M 2022 revenue of AED 9.3 billion (US$ 2.5 billion) and recorded an EBITDA of AED 3.3 billion (US$ 898 million).

Emaar International
Emaar’s international real estate operations recorded property sales of AED 3.7 billion (US$ 1 billion) for 9M 2022 and contributed revenue of AED 3.2 billion (US$ 871 million), representing 17 per cent of Emaar’s total revenue. The performance of international operations was led by successful operations in Egypt and India.

Emaar Malls Management
Emaar Malls Management LLC, the wholly owned shopping malls and retail arm of Emaar, recorded 24 per cent growth in 9M 2022 revenue compared to same period last year, reaching to AED 4 billion (US$ 1.1 billion). Emaar Mall Management achieved 9M 2022 EBITDA of AED 2.4 billion (US$ 653 million), 47 per cent higher than 9M 2021. All the assets of Emaar Mall Management have achieved record tenant sales during 9M 2022, surpassing 2019 pre-Covid tenant sales. Leasing occupancy of Emaar Malls Management’s assets stands at 96 per cent.

Dubai Hills Mall, unveiled on 17 February 2022, features an unmatched selection of retail, dining, and entertainment concepts has in no time became an iconic lifestyle destination. As at the end of September 2022, the Dubai Hills Mall was leased 87 per cent.

Hospitality, Leisure & Entertainment
The hospitality, leisure, entertainment and commercial leasing businesses of Emaar recorded revenue of AED 2.4 billion (US$ 653 million) for 9M 2022, a growth of 78 per cent compared to same period last year. Emaar’s hotels in the UAE, including joint ventures and managed hotels, achieved strong ADRs with average occupancy levels of 67 per cent during 9M 2022, providing further proof of robust post-pandemic recovery.

Emaar’s recurring revenue-generating businesses of malls, hospitality, leisure, entertainment and commercial leasing, together achieved 9M 2022 revenue of AED 6.3 billion (US$ 1.7 billion) recording a growth of 40 per cent compared to same period last year. These businesses represent a 33 per cent 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 88,400 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 33 hotels and resorts with 7,637 rooms (includes owned as well as managed hotels). Today, 51 percent of Emaar’s revenue is from its shopping malls & retail, hospitality & leisure and international subsidiaries.

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 more information:

Jessica Little
PR Director
Email: jessicalittle@sevenmedia.ae
Phone Number: +971 58 176 3622

 

Dubai, 11th August 2022: Emaar Properties PJSC (DFM: EMAAR) announced today it would fully acquire Dubai Creek Harbour, the major development located along the historic Dubai Creek waterfront, from Dubai Holding for a consideration of AED 7.5 billion to be paid equally in cash and shares of Emaar Properties PJSC, thus making Dubai Holding the second largest shareholder of Emaar.

Emaar recorded sales of AED 4.2 billion in 2021 and AED 3.6 billion sales in Dubai Creek Harbour in the first half of 2022. Dubai Creek Harbour has approximately 100 million sq. ft of future development which will provide future profit potential to Emaar.

A spokesperson of Emaar said: “The purchase agreement with Dubai Holding represents another important achievement in Emaar’s rich history as we continue to expand our strategic land bank and build sustained value for our shareholders. We are determined to support the Government’s vision for sustainable urban development in Dubai while providing a redefined experience for residents and visitors.”

A spokesperson of Dubai Holding said: “We are pleased to announce the sale of Dubai Creek Harbour to Emaar, subject to finalisation. This is a landmark transaction that benefits both parties. As joint venture partners, we have created meaningful value in Dubai Creek Harbour, and the transaction represents a significant monetisation for us. We look forward to our investment in Emaar as a reference shareholder and the diversification benefits it offers, and we are confident that Dubai Creek Harbour will continue to reach greater heights and success.”

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

With a proven track-record in delivery, Emaar has delivered over 86,200 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 33 hotels and resorts with 7,470 rooms (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, 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.

About Dubai Holding

Dubai Holding is a diversified global investment company with operations in 13 countries and employing over 20,000 people. Established in 2004, Dubai Holding touches the lives of millions of Dubai residents and visitors through its extensive portfolio of over AED 130 billion worth of assets that support the diversification and sustainable growth of Dubai’s economy across 10 key sectors: Real Estate, Hospitality, Leisure & Entertainment, Media, ICT, Design, Education, Retail, Manufacturing & Logistics and Science.

www.dubaiholding.com

www.twitter.com/dubaiholding

www.instagram.com/dubaiholding

www.facebook.com/dubaiholding

www.youtube.com/user/dubaiholding

https://www.linkedin.com/company/dubai-holding

For more information:

Eisha Rahul Mukerji

Senior PR Manager

Email: eishamukerji@sevenmedia.ae

Phone Number: +971 50 830 9173

 

  • EBITDA for the first half (January to June) of 2022 has increased by 15% to AED 2.564 billion (US$ 698 million) compared to the H1 2021.
  • Emaar’s sales backlog increased to AED 32.753 billion (US$ 8.917 billion), to be recognised as revenue in the coming years.

Dubai, United Arab Emirates; August 12, 2022: Emaar Development PJSC (DFM: EMAARDEV), the UAE build-to-sell property development business, majority-owned by Emaar Properties PJSC (DFM: EMAAR) achieved its highest ever property sales during the first half (January to June) of 2022 underpinned by recent successful launches creating value for the future. Property sales for H1 2022 is increased by 10% to AED 15.216 billion (US$ 4.143 billion) compared to AED 13.825 billion (US$ 3.764 billion) in H1 2021.

During first half of 2022, Emaar Development successfully launched fifteen projects in various master plans, such as Talia and Orania in The Valley, Elie Saab II and Bliss 2 in Arabian Ranches III, Rosewater, Lotus, Creek Palace, Orchid, Creek Crescent and Island Park I in Dubai Creek Harbour, St. Regis in Downtown Dubai, Address The Bay in Emaar Beachfront, Greenview 3 in Emaar South, Park Field in Dubai Hills Estate and Seagate in Rashid Yachts & Marina.

Performance Highlights

In the first six months of 2022 (January to June), Emaar Development reported EBITDA of AED 2.564 billion (US$ 698 million) an increase of 15% compared to the first six months of 2021 and revenue of AED 7.282 billion (US$ 1.983 billion).

Due to this exceptional performance, Emaar now has a robust sales backlog of AED 32.753 billion (US$ 8.917 billion), which will be recognised as future revenue for the business.

 “Our unwavering determination to deliver premium projects to the market, cashflow generation, and a strong pipeline of future projects have underlined our highest ever quarterly sales during Q2 2022. Our point of difference is our strategy of delivering integrated communities, providing amenities across retail, hospitality, and entertainment to further complement our premier residential assets. We are continuing to see investor demand for holistic master-planned developments, which has enabled us to achieve our strongest first-half growth on record in 2022,” an Emaar spokesperson said.

Dubai continues to lead the way as a business hub for trade, financial services, logistics, travel and hospitality, with emerging sectors witnessing growth such as technology, green energy, healthcare and education. The region attracts a community of skilled professionals, and investors continue to invest in the region’s steadfast growth potential, reflective in Emaar’s sales records for Q2 2022.

Delivery update

Emaar Development has delivered over 3,100 residential units during first half of 2022 across prime locations, including Dubai Hills Estate, Dubai Creek Harbour, Downtown Dubai, Emaar Beachfront, Arabian Ranches and Emaar South. As of June 2022, Emaar has delivered more than 55,100 residential units, with over 26,100 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 and has delivered over 55,100 residential units since 2002. The company has a sales backlog of over AED 32.753 billion, and is a high cash flow generating business, highlighting the robust fundamentals of the company with over 26,100 residential units under development to be delivered.

For more information, please visit www.properties.emaar.com/en/investor-relations/.

For more information:

Jessica Little

PR Director

Email: jessicalittle@sevenmedia.ae

Phone Number: +971 58 176 3622

  • Half-year 2022 revenue increased by 10% to AED 13.575 billion (US$696 billion);
  • Malls revenue records 30% growth compared to H1 2021, supported by record tenant sales which surpasses pre-Covid level;
  • Hospitality revenue grew by 64% compared to H1 2021, reflecting the tourism sector robust post-pandemic recovery;
  • Recorded highest ever H1 UAE property sale of AED 15.244 billion (US$ 4.150 billion), 10% higher than H1 2021; and
  • Property sales backlog at AED 47.982 billion (US$ 063 billion), provides strong revenue visibility for the coming years.

Dubai, United Arab Emirates – 12 August, 2022: Emaar Properties PJSC (DFM: EMAAR), announced good growth in first half profitability, underpinned by robust property sales and growth in the performance of recurring revenue businesses. This performance is testament to the continued confidence in Emaar’s brand and overall post-pandemic recovery of Dubai’s economy, led by the real estate market.

Key performance highlights

Led by robust performance of its core property development business, and complemented by growing recurring revenue operations, Emaar recorded strong first half revenue of AED 13.575 billion (US$ 3.696 billion), growth of 10 per cent compared to H1 2021. H1 2022 EBITDA increased by 66 per cent to AED 6.112 billion (US$ 1.664 billion) compared to H1 2021 as a result of higher revenue with improving margins and continued cost optimization.

Successful launch of properties by Emaar, both in the UAE and international markets, and concerted focus on sales of under-construction projects resulted in Emaar achieving record first half group property sales of AED 17.672 billion (US$ 4.811 billion), an increase of 5 per cent compared to the H1 2021 sales of AED 16.842 billion (US$ 4.585 billion).

During the second quarter of 2022, Emaar recorded an increase in EBITDA of 53 per cent to AED 2.932 billion (US$ 798 million) compared to EBITDA of AED 1.922 billion (US$ 523 million) in the same period of 2021. Emaar’s Q2 2022 revenue stood at AED 6.940 billion (US$ 1.889 billion), an increase of 8 per cent compared to Q2 2021 revenue of AED 6.439 billion (US$ 1.753 billion).

The strong property sales backlog of AED 47.982 billion (US$ 13.063 billion) at the end of H1 2022, which will be recognised as revenue in the future, further underlines Emaar’s robust financial position in preserving high revenue, profitability and shareholders’ return in the foreseeable future.

An Emaar spokesperson said: “We have delivered strong second quarter results of Emaar by successfully carrying on the momentum built during the first quarter of 2022. Thanks to the post-pandemic uptick in the real estate market and strong recovery of our mall, hospitality and retail assets which increased our second quarter profit this year, in comparison to the same period in 2021. We are continuing to reap the benefits of long-term investment in human talent we made last year across all aspects of our business, and Emaar is again on track to generate attractive and sustainable returns for all stakeholders.”

“On a macro-economic level, Dubai’s growing economy and recent changes in areas such as commercial companies law and visa regulations are driving growth and attracting investment across many sectors, which indirectly increases demand for our products, underpinned by our continued focus on delivering high quality products and experiences that surpass our customers’ expectations.”

With an established reputation for excellence in design, build quality and innovation, Emaar consistently offers premium experiences and lifestyle opportunities across market segments; and its integrated masterplan developments continues to remain popular with local and international investors.

 Emaar Development

Emaar Development PJSC (DFM: EMAARDEV), the UAE build-to-sell property development business, majority-owned by Emaar Properties, maintained strong property sales momentum in Dubai, recording highest ever property sales in H1 of AED 15.216 billion (US$ 4.143 billion), 10% higher than same period in 2021. Emaar Development reported H1 2022 revenue of AED 7.282 billion (US$ 1.983 billion) and recorded 15 per cent growth in EBITDA to AED 2.564 billion (US$ 698 million).

Emaar International

Emaar’s international real estate operations recorded property sales of AED 2.428 billion (US$ 661 million) in H1 2022 and contributed revenue of AED 2.068 billion (US$ 563 million) which represents 15 per cent of Emaar’s total revenue, primarily driven by successful operations in Egypt and India.

Emaar Malls Management

Led by record tenant sales in H1 2022 at The Dubai Mall, surpassing 2019 pre-Covid tenant sales, Emaar Malls Management LLC, the wholly owned shopping malls and retail arm of Emaar Properties, recorded 30 per cent growth in H1 2022 revenue compared to same period last year, reaching AED 2.661 billion (US$ 725 million). Emaar Mall Management achieved H1 EBITDA of AED 1.644 million (US$ 448 million), 66 per cent higher than H1 2021. Leasing occupancy of Emaar Malls Management’s assets stands at 94 per cent.

Dubai Hills Mall, launched on 17 February 2022, brings an array of world-class shopping, leisure and entertainment brand portfolio and has quickly become a beloved and iconic lifestyle destination in the city. As at the end of H1 2022, the leasing occupancy was 84 per cent consisting of both international brands and home-grown concepts.

Hospitality, Leisure & Entertainment

The hospitality, leisure, entertainment and commercial leasing businesses of Emaar recorded revenue of AED 1.564 million (US$ 426 million) for H1 2022, grew over 93 per cent compared to H1 2021. Emaar’s hotels in UAE, including JV and managed hotels, boasting average occupancy levels of 71 per cent, further proof of the GCC’s tourism sector going strength to strength in post-pandemic recovery.

Emaar’s recurring revenue-generating businesses of malls, hospitality, leisure, entertainment and commercial leasing, together achieved H1 2022 revenue of AED 4.224 billion (US$ 1.150 billion) and EBITDA of AED 2.955 billion (US$ 805 million), recording a growth of 48 per cent and 78 per cent respectively compared to same period last year. These businesses represents 31 per cent and 48 per cent of Emaar’s total revenue and EBITDA respectively.

ESG and aligning to SDGs

Emaar, one of the largest real estate developers in the MENA region, is committed to the environment, social and governance areas and believe that responsible development can build a better future. We are in the process of establishing our Sustainability Strategy which will include establishing a strategy for reducing embodied carbon; developing the action plan for further reducing operational carbon; exploring greater use of recycled materials and alternatives; and strengthening our governance framework to prioritise and monitor ESG. Through our new strategies, we aim to take our whole portfolio to net zero carbon over time in line with UAE’s Net Zero 2050 strategic initiative, and keep growing social value and wellbeing in the communities where we operate.

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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 86,200 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 33 hotels and resorts with 7,470  rooms (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, 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 more information:

Jessica Little

PR Director

Email: jessicalittle@sevenmedia.ae

Phone Number: +971 58 176 3622

 

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.”

–Ends–

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/

For more information:
JES Media
emaar@jesmedia.ae
00971 (0) 4 567 6717

Dubai, United Arab Emirates; 21 April 2022: Emaar Properties PJSC (DFM: EMAAR) held its Annual General Meeting (AGM) yesterday, April 20, where its Board of Directors announced the company’s solid performance in 2021 and discussed the stringent measures it took to safeguard continued robust business performance during the year.

The dividend distribution proposal from the Board of Directors representing 15 per cent of the share capital was approved at the AGM, confirming Emaar’s keenness to ensure added value for its shareholders. During the meeting, the Board of Directors’ 2021 report on the company’s activities and financial position and the Auditor’s report were also approved.

Emaar continuously strives to maximize shareholders value through providing the best customer service and by safeguarding innovation across all products and services provided by the company. This led to the company achieving real estate sales of AED 33.762 billion (US$ 9.192 billion) in 2021, which is highest on record and is a testament to the clients’ trust in the Emaar brand. Additionally, Emaar reports substantial sales backlog totaling more than AED 46.057 billion (US$ 12.539 billion), which will be recognized as revenue over the next few years.

Emaar continues to work diligently to complete all ongoing projects for delivery within the timeframes specified and the company will retain its extremely strong position through strategic investment in its highly qualified talent, digital systems and additional resources which will safeguard all process efficiencies and align the company with its future vision.

Mohamed Alabbar, Founder of Emaar Properties, said: “The Group is optimistic for the year 2022 and is constantly focused on achieving operational excellence, increasing return on investments and enhancing customer satisfaction. To improve its performance, the company will increase its resources, increase its efficiency, and maximize its productivity. The foundations for future growth and long-term shareholder value will be laid by digital transformation, new product innovation, and market penetration.”

Emaar Properties PJSC recorded an EBITDA of AED 9.343 billion (US$ 2.544 billion) and total revenue of AED 28.270 billion (US$ 7.697 billion) for the fiscal year ended December 31, 2021. The performance reflects sustained interest from investors, both domestic and foreign with both local and international sales exceeding pre-pandemic levels.

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.

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

With a proven track-record in delivery, Emaar has delivered over 81,600 residential units in Dubai and other key global markets since 2002. Emaar has strong recurring revenue-generating assets with over 1,130,000 square meters of leasing revenue-generating assets and 32 hotels and resorts with 7,142 rooms (includes owned as well as managed hotels). Today, 45 per cent of the Emaar’s total revenue is from its shopping malls & retail, hospitality & leisure and international subsidiaries.

Burj Khalifa, a global icon, and The Dubai Mall, the world’s most-visited retail and lifestyle destination, 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:
JES Media
emaar@jesmedia.ae
00971 (0) 4 576 6717

  • Theme of Emaar New Year’s Eve celebrations is announced as Eve of Wonders
  • State-of-the-art laser feature has been added to the fireworks and laser & light show for a display poised to redefine New Year’s celebrations, Dubai style!

Dubai, United Arab Emirates; December 14, 2021: Emaar, the UAE’s globally renowned and recognised integrated real estate development company, is getting ready to ring in 2022 with a fantastic Emaar New Year’s Eve display that will witness a fabulous firework show, choreographed to laser, lights and music. Aptly called “Eve of Wonders”, spectators across the globe are invited to see a dazzling spectacle as Emaar decorates Dubai’s skies with a display unlike any other.

Since 2010, the Emaar NYE celebrations have become among the most iconic in the world. Watched by audiences all over the world, the display, which takes place in Downtown Dubai on December 31st, is a unique initiative by Emaar, celebrating the dynamism, creativity, and openness of the city.

As the clock strikes midnight on December 31st, the spectacular pyrotechnics, light & laser extravaganza will light up the night sky in Dubai Downtown. In line with the theme’ Eve of Wonder’, a brand-new laser feature is making its debut at The Dubai Fountain in sync with Burj Khalifa’s stunning programme, creating a memorable masterpiece that is poised to redefine new year’s celebrations worldwide, Dubai style!

Whether in Downtown Dubai, watching online, or on television worldwide, the public is guaranteed a show-stopping gala event to welcome in the new year. Emaar NYE 2022 will be broadcast live globally and live-streamed from 08:30 pm local time on mydubainewyear.com.

Commenting on Emaar New Year’s Eve spectacular celebrations in Downtown Dubai, Mohamed Alabbar, Founder of Emaar, said: “The UAE, and Dubai, inspire hope and optimism, and bring together a global community to shape the future. This year’s celebration is a tribute to our nation’s achievements in the past 50 years. It also highlights our leadership’s vision to create a new age of progress through openness and collaboration, and Emaar is proud to be part of it.”

A seamless experience awaits guests wishing to access Downtown Dubai on December 31st by using the U by Emaar app and its easy-to-use pre-registration process. Guests, including Emaar Boulevard residents and hotel guests, can simply log on to the U by Emaar app and follow the straightforward steps to access all Downtown Dubai locations. After successfully registering, they will receive individual QR codes that they can use to gain access to Downtown Dubai on New Year’s Eve.

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 67,700 residential units in Dubai and other global markets since 2002. Emaar has strong recurring revenue-generating assets with over 880,000 square metres of leasing revenue-generating assets and 25 hotels and resorts with 5,342 rooms (includes owned as well as managed hotels). Today, 46 per cent of the Emaar’s revenue is from its shopping malls & retail, hospitality & leisure and international subsidiaries.

Burj Khalifa, a global icon, and The Dubai Mall, the world’s most-visited retail and lifestyle destination, 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 details:

JES Media

emaar@jesmedia.ae

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Dubai, United Arab Emirates; September 6, 2021: Emaar Properties PJSC (“Emaar Properties“, DFM: EMAAR) and Emaar Malls PJSC (“Emaar Malls“, DFM: EMAARMALLS) jointly announced today that the Securities & Commodities Authority (“SCA”) has issued its final approval pertaining to the proposed merger of the two companies.

As disclosed on March 2, 2021, the proposed merger has the unanimous support and recommendation of the board of directors of Emaar Properties and Emaar Malls (acting through its independent directors) and will reinforce Emaar Properties’ position as MENA’s largest integrated and diversified real estate company, ensuring both Emaar Properties and Emaar Malls are strategically positioned to capture opportunities in the marketplace and drive shareholder value.

The proposed transaction, subject to satisfying the required conditions, would be effected as a statutory merger with Emaar Malls shareholders (excluding Emaar Properties) receiving 0.51 Emaar Properties shares for every one Emaar Malls share. This represents a premium of 7.1% to the closing price of Emaar Malls on 1 March 2021, the last trading day prior to the merger announcement, and a premium of 11.2% to the market implied exchange ratio based on volume weighted average prices over the last one month to 1 March 2021 . Furthermore, this represents a premium of 3.5% to the closing price of Emaar Malls on 1 September 2021 and a premium of 4.4% to the market implied exchange ratio based on volume weighted average prices over the last one month to 1 September 20212.

The merger is subject to a number of conditions, including the approval of the merger by vote of shareholders who own at least 75% of the shares represented at quorate general meetings (“GMs“) of Emaar Properties and Emaar Malls. The shareholder circular (“Shareholder Circular”), which sets out a description of the merger and the combined businesses of Emaar Properties and Emaar Malls following completion of the merger, can be viewed at the companies’ website (www.emaar.com) or, alternatively, hard copies of the Shareholder Circular can be obtained (without charge) from the offices of the companies at Building 1, Level 7, Dubai Hills Estate Business Park, Dubai Hills Estate, Emirate of Dubai, United Arab Emirates.

The boards of directors of Emaar Properties and Emaar Malls are scheduled to circulate a resolution on 9 September 20201 to invite the shareholders to attend the General Meeting of the companies, which will be held both physically and remotely/electronically on 10 October 2021. Additional details are disclosed in the Shareholder Circular.

Subject to the satisfaction of the conditions to the merger, upon the effective date of the merger the assets and liabilities of Emaar Malls (including the rights and liabilities of Emaar Malls as the obligor under the transaction documents relating to EMG Sukuk Limited’s U.S.$750,000,000 Trust Certificates Due 2024 (ISIN XS1075401726) (the “Certificates” and the “Transaction Documents”) will be assumed by Emaar Properties in consideration for the issue of new Emaar Properties shares to existing Emaar Malls shareholders (excluding Emaar Properties). As a subsequent step, the existing business of Emaar Malls will be reconstituted in a wholly owned subsidiary of Emaar Properties, with such subsidiary taking on the rights and liabilities of the obligor under the Transaction Documents from Emaar Properties (the “Reorganisation”).

The consent solicitation memorandum (“Consent Solicitation Memorandum”) setting out the terms and conditions of a consent solicitation exercise (the “Consent Solicitation”) to obtain the approval of eligible holders of the Certificates (“Certificateholders”) to the merger, the Reorganisation and related matters is available to eligible persons from the information and tabulation agent at https://projects.morrowsodali.com/emaar. As mentioned in the Consent Solicitation Memorandum, the Certificateholders’ meeting is expected to be held on 28 September 2021. Additional details are disclosed in the Consent Solicitation Memorandum.

As disclosed on July 6, 2021, the merger is expected to complete before year-end 2021.

Visit www.emaar.com/en/investor-relations for more information.

-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 Properties 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 Properties has delivered over 72,100 residential units in Dubai and other global markets since 2002. Emaar Properties has strong recurring revenue-generating assets with over 1,140,000 square metres of leasing revenue-generating assets and 27 hotels and resorts with 5,895 rooms (includes owned as well as managed hotels). Today, 50 per cent of the Emaar Properties’ revenue is from its shopping malls & retail, hospitality & leisure and international subsidiaries.

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

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

About Emaar Malls:

Emaar Malls’ properties include some of the most iconic malls, entertainment and community-integrated retail centres in the Middle East, including The Dubai Mall, its flagship asset, which has been the most visited shopping and entertainment mall worldwide for the last five years.

Emaar Malls also owns and manages Souk Al Bahar, an Arabesque-style dining and entertainment development in Downtown Dubai; Dubai Marina Mall, a lifestyle shopping mall for residents and visitors of the Dubai Marina community; and Gold & Diamond Park, a shopping destination dedicated to gold and jewellery.

Emaar Malls’ properties are developed as an integral part of the master plan developments of its controlling shareholder, Emaar, and are strategically located in key areas of Dubai that benefit from favourable socio-economic demographics and increasing tourism.

Follow The Dubai Mall on: Facebook: www.facebook.com/thedubaimall.
Twitter: www.twitter.com/thedubaimall, Instagram: www.instagram.com/thedubaimall.

For more information:

JES Media
emaar@jesmedia.ae
00971 (0) 4 576 6717

 

  • Recorded robust property sales of AED 16.842 billion (US$ 4.585 billion) during H1 2021
  • Emaar records revenue of AED 12.5 billion (US$ 3.403 billion), led by superior performance of property development business
  • Half-year net profit reaches AED 1.560 billion (US$ 425 million)
  • Total revenue backlog of Emaar reaches AED 39.836 billion (US$ 10.846 billion), to be recognised in coming years

Dubai, United Arab Emirates – August X, 2021: Global property developer Emaar Properties PJSC (DFM: EMAAR) recorded robust performance in the first half of 2021, led by record property sales of AED 16.842 billion (US$ 4.585 billion). This represents a 229 per cent increase compared to the first-half 2020 property sales of AED 5.120 billion (US$ 1.394 billion). The remarkable performance was a result of Emaar’s concerted focus on sales of under-construction projects and the successful launch of properties both in the UAE and international markets.

Led by robust performance of the property development business as well as mall and hospitality businesses, Emaar achieved revenue of AED 12.5 billion (US$ 3.403 billion) during the first half of 2021, 52 per cent higher than the H1 2020 revenue of AED 8.220 billion (US$ 2.238 billion). H1 2021 net profit stood at AED 1.560 billion (US$ 425 million) compared to AED 1.698 billion (US$ 462 million) in H1 2020, which included an exceptional income of AED 982 million (US$ 267 million), primarily relating to the sale of Emaar’s District Cooling business.

During the second quarter of the year (April to June 2021), Emaar recorded revenue of AED 6.507 billion (US$ 1.772 billion) which is 125 per cent higher than the same period last year and 9 per cent higher than the first quarter of 2021 (January to March). Net profit for Q2 2021 at AED 903 million (US$ 246 million) is 37 per cent higher than Q1 2021.

Mohamed Alabbar, Founder of Emaar, said, “Our performance in the second quarter demonstrates our continued resilience and ability to anticipate and ‘future-proof’ the business. Looking to the future, I am very optimistic about the remainder of the year as we maintain our focus on meeting and exceeding our customers’ expectations, delivering long-term, sustainable results across our business units, and collectively strengthening our organisation. This will ensure we continue to anticipate and meet customers’ rapidly evolving property and lifestyle demands, while improving the lives of residents and visitors alike.”

Dubai continues to lead the way as a global hub for trade, financial services, logistics, travel, and hospitality, with emerging sectors such as technology, green energy, healthcare and education witnessing growth. The region continues to attract a large community of skilled professionals and investors who, in turn, invest in the region’s continuous growth potential, as reflected in Emaar’s record sales for Q2 2021.

Emaar has handed over more than 77,000 residential units in Dubai and international markets since 2002, with more than 25,700 units currently under development in the UAE and 11,000 units in global markets. 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.

Emaar Development

Emaar Development PJSC (DFM: EMAARDEV), the UAE build-to-sell property development business, majority-owned by Emaar Properties, achieved its highest quarterly property sales on record of AED 7.942 billion (US$ 2.162 billion) during the second quarter (April-June) of 2021, recording over 21X growth over Q2 2020 property sales. In the first half of 2021, Emaar Development achieved property sales of AED 13.825 billion (US$ 3.764 billion), a growth of 328 per cent over H1 2020 property sales of AED 3.230 billion (US$ 879 million).

Supported by robust property sales, Emaar Development has achieved H1 2021 revenue of AED 7.755 billion (US$ 2.111 billion) and net profit of AED 1.512 billion (US$ 412 million), representing a growth of 61 per cent and 46 per cent, respectively, compared to the same period last year.

Emaar International

In H1 2021, Emaar’s international businesses reported property sales of AED 2.993 billion (US$ 815 million), 59 per cent higher compared to the same period last year, led by operations in Egypt and India. Underpinned by successful incremental deliveries of projects in Egypt and India, Emaar’s international businesses recorded revenues of AED 1.749 billion (US$ 476 million), contributing 14 per cent to Emaar’s total revenue.

Emaar Malls

Emaar Malls (DFM: EMAARMALLS), the shopping malls and retail giant, recorded revenue of AED 2.048 billion (US$ 558 million) in H1 2021, 23 per cent higher than the same period last year, backed by significant recovery of tenants’ retail sales. Overall net profit for the first half of 2021 amounted to AED 622 million (US$ 169 million), delivering strong growth in profitability of 80 per cent compared to net profit of AED 345 million (US$ 94 million) during the same period last year.

Revenue for Q2 2021 increased by 27 per cent to AED 1.147 billion (US$ 312 million), compared to the Q1 2021 revenue of AED 901 million (US$ 245 million). Emaar Malls’ assets maintained strong occupancy levels at approximately 91 per cent.

Emaar Malls’ e-commerce fashion and lifestyle platform, Namshi, a wholly owned subsidiary, recorded sales of AED 427 million (US$ 116 million) for Q2 2021, an increase of 65 per cent compared to Q1 2021. With the addition of over 240 new brands earlier this year, combined with exceptional demand during Ramadan and Eid, Namshi delivered impressive revenue for the first half of 2021 of AED 685 million (US$ 186 million). Namshi’s strong performance is credited to its persistent growth in Saudi Arabia, Kuwait and other GCC countries, along with its launch in Qatar in early 2021.

Emaar Hospitality, Leisure & Entertainment

The hospitality, leisure, entertainment and commercial leasing businesses of Emaar recorded revenue of AED 948 million (US$ 258 million) during H1 2021, 14 per cent higher than the same period last year. Hotels under Emaar Hospitality Group, including its managed hotels, achieved average occupancy levels of 63 per cent despite challenging market conditions and limited global travel.

Underlining the diversification of revenue streams, Emaar’s recurring revenue businesses of malls, hospitality, leisure, entertainment, and commercial leasing, together, achieved revenue of AED 2.996 billion (US$ 816 million), contributing 24 per cent to Emaar’s H1 2021 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 of 1.7 billion sq. ft. in the UAE and key international markets.

With a proven track-record in delivery, Emaar has delivered over 77,000 residential units in Dubai and other global markets since 2002. Emaar has strong recurring revenue-generating assets with over 1,130,000 square metres of leasing revenue-generating assets and 28 hotels and resorts with 6,038 rooms (includes owned as well as managed hotels). Today, 38 per cent of Emaar’s revenue is from its shopping malls & retail, hospitality & leisure and international subsidiaries.

Burj Khalifa, a global icon, and The Dubai Mall, the world’s most-visited retail and lifestyle destination, 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:

Kim Seelochan
JES Media
00971 (0) 58 584 6247
kim.seelochan@jesmedia.ae

  • Achieved Q1 2021 revenue of AED 5.993 billion (US$632 billion); net profit for the same period was AED 657 million (US$ 179 million), 8% higher than Q1 figures for 2020
  • Q1 2021 domestic property sales reached at AED 5.904 billion (US$ 1.607 billion), 106% higher than 2020 sales for the same period
  • Emaar’s sales backlog increased to AED 41.805 billion (US$ 382 billion), to be recognised as revenue in the coming years

Dubai, United Arab Emirates – May 10, 2021: Emaar Properties PJSC (DFM: EMAAR), announced it has achieved significant increased property sales underscoring investors’ continued confidence in Emaar brand and recovery of Dubai real estate market. During the first quarter (January to March) of 2021, Emaar recorded an increase in group property sales of 83 per cent to AED 7.115 billion (US$ 1.937 billion) compared to the Q1 2020 group property sales of AED 3.887 billion (US$ 1.058 billion). The property sales were even higher than Q1 2019 by 6%.

Key performance highlights

Backed by robust property sales, Emaar’s Q1 2021 revenue stood at AED 5.993 billion (US$ 1.632 billion), an increase of 12 per cent compared to Q1 2020 revenue of AED 5.328 billion (US$ 1.451 billion). Emaar reported net profit of AED 657 million (US$ 179 million) for Q1 2021 compared to the net profit of AED 609 million (US$ 166 million) during the same period in 2020, a growth of 8 per cent.

With a solid sales backlog of AED 41.805 billion (US$ 11.382 billion), which will be recognised as future revenue for Emaar Properties, the backlog reflects the strength of Emaar’s financial position to preserve high revenue, profitability and shareholders’ return in the foreseeable future.

Mohamed Alabbar, Founder of Emaar Properties, said: “As one of the most dynamic and growing markets in the world, Dubai’s property market resilience is a testament to its commitment to become one of the world’s best cities. We are dedicated to delivering properties in a timely manner and providing unparalleled residential developments that improve the lives of our residents and visitors. Within such a short space of time, Emaar has managed to achieve results that are comparable to 2019, before the pandemic affected businesses globally. Results are not by chance; they are a collective effort”.

Dubai continues to lead the way as a global hub for trade, financial services, logistics, travel and hospitality, with emerging sectors witnessing growth such as technology, green energy, healthcare and education. The region continues to attract a community of skilled professionals and investors who in-turn invest in the region’s continuous growth potential, reflective in Emaar’s sales records for Q1 2021.

Emaar has handed over more than 74,500 residential units in Dubai and international markets, with more than 25,500 units currently under development in the UAE and 11,500 units in global markets.

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.

Emaar Development

Emaar Development PJSC (DFM: EMAARDEV), the UAE build-to-sell property development business, majority-owned by Emaar Properties achieved strong quarterly property sales in Dubai during the first quarter (January to March) of 2021 recording an increase of 106 per cent to AED 5.904 billion (US$ 1.607 billion) compared to the Q1 2020 sales of AED 2.864 billion (US$ 780 million). Emaar Development has achieved revenue of AED 3.848 billion (US$ 1.048 billion) and net profit of AED 781 million (US$ 213 million), which grew by 26 per cent and 20 per cent over Q1 2020, respectively.

Emaar International

Emaar’s international operations continued to improve their operational results and recorded property sales of AED 1.211 billion (US$ 330 million) in Q1 2021 compared to AED 1.023 billion (US$ 279 million) in Q1 2020 and AED 764 million (US$ 208 million) in Q1 2019, a growth of 18 per cent compared to 2020 and 59 per cent compared to 2019. This highlights the positive property market recovery as well as the significant interest in Emaar’s international expansions and trusted master developments.

Emaar’s international businesses contributed 13 per cent to Emaar’s total revenue, underpinned by successful operations in Egypt, India and Pakistan.

Emaar Malls

Emaar Malls (DFM: EMAARMALLS), the shopping malls and retail giant, released its results for Q1 2021, confirming its recorded revenue of AED 901 million (US$ 245 million). Overall net profit for Q1 2021 amounted to AED 318 million (US$ 87 million) which is 169 per cent higher than Q4 2020. Emaar Malls assets maintained strong occupancy levels at 91 per cent.

Emaar Malls’ e-commerce fashion and lifestyle platform, Namshi, a wholly owned subsidiary, recorded sales of AED 258 million (US$ 70 million) for Q1 2021, an increase of 6 per cent compared to Q1 2020. Namshi’s strong performance is credited to its persistent growth in Saudi Arabia, Kuwait and other GCC countries along with its launch in Qatar in early 2021 and an increase of 117 new brands.

Emaar Hospitality, Leisure & Entertainment

The hospitality, leisure, entertainment and commercial leasing businesses of Emaar recorded revenue of AED 457 million (US$ 124 million) for Q1 2021, with the hotels under Emaar Hospitality Group, including its managed hotels, boasting average occupancy levels of 62 per cent despite current market challenges and restrictions imposed by authorities.

Underlining the dynamic revenue streams of Emaar, the company’s recurring revenue generating businesses of malls, hospitality, leisure, entertainment and commercial leasing, together achieved revenue of AED 1.244 billion (US$ 339 million) which makes up 23 per cent of the company’s 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 of 1.7 billion sq. ft. in the UAE and key international markets.

With a proven track-record in delivery, Emaar has delivered over 74,500 residential units in Dubai and other global markets since 2002. Emaar has strong recurring revenue-generating assets with over 1,130,000 square meters of leasing revenue-generating assets and 28 hotels and resorts with 6,038 rooms (includes owned as well as managed hotels). Today, 36 per cent of the Emaar’s revenue is from its shopping malls & retail, hospitality & leisure and international subsidiaries.

Burj Khalifa, a global icon, and The Dubai Mall, the world’s most-visited retail and lifestyle destination, 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:

JES Media
emaar@jesmedia.ae
00971 (0) 4 576 6717