Tag: Press Release

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

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

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

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

Performance Highlights

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

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

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

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

Delivery update

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

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Note to editors:

About Emaar Development PJSC:
Emaar Development is a developer of residential and commercial build-to-sell (BTS) assets in the UAE. The company is behind iconic freehold master-planned communities in Dubai, including Emirates Living, Downtown Dubai, Dubai Marina, Arabian Ranches, Dubai Creek Harbour, Dubai Hills Estate, Emaar South, Rashid Yachts & Marina etc. It has delivered over 70,000 residential units since 2002. The company has a sales backlog of over AED 57.1 billion. It is a high cash flow generating business, highlighting the company’s robust fundamentals with over 25,500 residential units under development to be delivered.

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

 

For more information and media queries:
Marketing Department – Emaar
PR@emaar.ae

 

 

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

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

Key Achievements Highlights

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

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

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

UAE Build-To-Sell Property Development

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

Shopping Mall, Retail, and Commercial Leasing

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

Emaar International

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

Hospitality, Leisure, and Entertainment

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

Recurring Revenue

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

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Note to Editors:

About Emaar Properties

Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer and provider of premium lifestyles, with a significant presence in the Middle East, North Africa and Asia. One of the world’s largest real estate companies, Emaar has a land bank over 1.7 billion sq. ft. in the UAE and key international markets.
With a proven track-record in delivery, Emaar has delivered approximately 108,000 residential units in Dubai and other global markets since 2002. Emaar has strong recurring revenue-generating assets with approx. 1,300,000 square meters of leasing revenue-generating assets and 34 hotels and resorts with over 8,700 keys (includes owned as well as managed hotels). Today, 46 percent of Emaar’s revenue is from its shopping malls & retail, hospitality & leisure and international subsidiaries.
Burj Khalifa, a global icon, Dubai Mall, the world’s most-visited retail and lifestyle destination, and Dubai Fountain, the world’s largest performing fountain, are among Emaar’s trophy destinations.
Follow Emaar on: Facebook: www.facebook.com/emaardubai, Twitter: www.twitter.com/emaardubai, Instagram: www.instagram.com/emaardubai.

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

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

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

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

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

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

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

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Note to Editors:

About Emaar Properties

Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer and provider of premium lifestyles, with a significant presence in the Middle East, North Africa and Asia. One of the world’s largest real estate companies, Emaar has a land bank over 1.7 billion sq. ft. in the UAE and key international markets.

With a proven track-record in delivery, Emaar has delivered approximately 108,000 residential units in Dubai and other global markets since 2002. Emaar has strong recurring revenue-generating assets with approx. 1,300,000 square meters of leasing revenue-generating assets and 34 hotels and resorts with over 8,700 keys (includes owned as well as managed hotels). Today, 46 percent of Emaar’s revenue is from its shopping malls & retail, hospitality & leisure, and international subsidiaries.

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

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

For more information:
Emaar Marketing Department

Email: PR@emaar.ae

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

 

Dubai, United Arab Emirates- November 9, 2023: Emaar Development PJSC (DFM: EMAARDEV), the UAE’s premier property development company specialising in build-to-sell property development business, that is majority-owned by Emaar Properties PJSC (DFM: EMAAR), sustained its momentum in property sales in the third quarter (July to September) of 2023 as well. The company’s property sales increased by 25%, reaching AED 28.9 billion (US$ 7.9 billion) in the first nine months (January to September) of 2023 compared to AED 23.2 billion (US$ 6.3 billion) for the same period in 2022. This performance is attributed to the 20 successful launches of new projects across various master plans, creating a foundation for future revenue.

 

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

 

Performance Highlights

 

In the first nine months of 2023 (January to September), Emaar Development reported an EBITDA of AED 4.5 billion (US$ 1.2 billion) and net profit of AED 4.1 billion (US$ 1.1 billion), an increase of 36% and 43% compared to the same period in 2022, respectively.

 

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

 

Mohamed Alabbar, founder of Emaar, commented: “Our sustained performance in Q3 is a testament to Emaar Development’s dedication to excellence and keen market insight. The upward trend in our sales backlog is indicative of the unwavering trust our clients place in our ventures. It’s a reaffirmation that our developments continue to resonate with the market’s aspirations.”

“Such milestones not only position Emaar Development at the forefront of the industry but also reinforce our commitment to consistently enhance value for our loyal shareholders,” he concluded.

 

Delivery Updates

 

In the first nine months of 2023, Emaar Development delivered over 7,800 residential units in prime locations such as Downtown Dubai, Dubai Creek Harbour, Arabian Ranches, Dubai Hills Estate, Emaar Beachfront, Dubai Marina and Emaar South. Emaar has delivered over 66,000 residential units as of September 2023, with over 27,000 residences currently under development in the UAE.

 

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Note to editors:

About Emaar Development PJSC:

Emaar Development is a developer of residential and commercial build-to-sell (BTS) assets in the UAE. The company is behind iconic freehold master-planned communities in Dubai, including Emirates Living, Downtown Dubai, Dubai Marina, Arabian Ranches, Dubai Creek Harbour, Dubai Hills Estate, Emaar South, etc. It has delivered over 66,000 residential units since 2002. The company has a sales backlog of over AED 59.6 billion. It is a high cash flow generating business, highlighting the company’s robust fundamentals with over 27,000 residential units under development to be delivered.

 

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

 

For more information and media queries:

Marketing Department – Emaar

PR@emaar.ae

• Emaar’s property sales backlog reaches AED 69.5 billion (US$ 18.9 billion), set to boost future revenue
• Recurring revenues records growth of 26% in the first 9 months of 2023, supported by increased tenant sales and robust tourism

 

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

Key Accomplishment Highlights

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

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

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

UAE Build-To-Sell Property Development

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

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

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

Shopping Mall, Retail, and Commercial Leasing

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

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

Emaar International

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

Hospitality, Leisure, and Entertainment

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

Recurring Revenue

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

 

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Note to Editors:

About Emaar Properties

Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer and provider of premium lifestyles, with a significant presence in the Middle East, North Africa and Asia. One of the world’s largest real estate companies, Emaar has a land bank of 1.7 billion sq. ft. in the UAE and key international markets.

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

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

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

 

For all media queries, please contact:

Emaar Marketing Department

Email: PR@emaar.ae

 

 

• While Emaar’s New Year’s Eve celebration remains free for all to enjoy, a unique ticketed viewing experience is introduced at Burj Park in a front-row-set experience of the Burj Khalifa world-famous show.
• Dive into culinary delights with Emaar Hospitality at premium destinations such as Address Downtown, Address Sky View, Armani Hotel Dubai and more.
• Experience a vibrant evening at Dubai Opera with live entertainment, a fine-dining experience and an exclusive view of the Burj Khalifa fireworks at midnight.
• Elevate your celebration at Sky Views Observatory, the ultimate vantage point for the grand spectacle.

United Arab Emirates, Dubai, 02 November 2023 – Emaar Properties PJSC, the globally renowned property developer, is set to elevate the iconic Emaar New Year’s Eve celebrations in Dubai with an unparalleled feast of sights and sounds. Recognized globally for its unmatched spectacle year after year, this edition promises to be bigger and more spectacular than ever before.

Free Celebrations with Exclusive Option

This year, attendees can dive into the heart of Downtown Dubai, offering an exclusive and immersive experience with the introduction of “Emaar New Year’s Eve at Burj Park.”

While Emaar’s New Year’s Eve celebration remains accessible to all to enjoy free of charge, this new feature is designed for attendees wishing to experience the magic differently.

Ticket holders can secure a coveted direct view of the Burj Khalifa fireworks as well as the light, music & sound show, without the typical hustle and bustle. Further enhancing the celebration, attendees will enjoy F&B and live entertainment leading to the celebrations curated especially for the occasion.

Dine in Splendour with Emaar Hospitality
Step into the New Year with Emaar Hospitality’s premier culinary destinations at Address Downtown, Address Sky View, Address Fountain Views, Address Boulevard, Address Dubai Mall, Palace Downtown, Armani Hotel Dubai, Vida Downtown, Manzil Downtown and At.mosphere Restaurant. Each venue, a jewel in the heart of Downtown Dubai, is poised to deliver a dining experience that combines luxury with festive flair. Guests can anticipate a night of lavishness with expertly curated gourmet menus, the pinnacle of service, and an environment infused with elegance. www.emaarhospitality.com

Dubai Opera’s New Year’s Eve Extravaganza
Celebrate at Dubai Opera for a night of unmatched elegance this New Year’s Eve. The evening begins with the harmonious Dubai Opera Big Band, serenading the audience with their smooth jazz melodies, then transitioning to the compelling sounds of Grammy-awarded Fantastic Negrito. As the clock ticks closer to midnight, guests are invited to the Promenade to witness the magnificent Emaar New Year’s Eve celebrations and Burj Khalifa’s show. The festivities extend into the night with DJ Slim’s captivating beats. Experience the magic at www.dubaiopera.com.

Elevate your NYE Experience at Sky Views
Soar above the rest this New Year’s Eve at Sky Views Observatory offering guests an unprecedented view of Burj Khalifa’s breath-taking fireworks and dazzling light show. Immerse yourself in the ultimate celebration and usher in 2024 surrounded by the awe-inspiring view of Dubai’s skyline. www.skyviewsdubai.com

An Emaar spokesperson commented, “Our vision for Emaar New Year’s Eve each year is not just to mirror previous celebrations but to redefine them. The introduction of the exclusive viewing experience at Burj Park encapsulates our commitment to creating unforgettable moments. And while the heart of our celebrations beats around the iconic Burj Khalifa, we’re delighted to extend diverse experiences – from Emaar Hospitality’s culinary delights in Downtown Dubai to unparalleled vistas at Sky Views and captivating shows at Dubai Opera. It’s more than a celebration; it’s Emaar’s testament to Dubai’s spirit of unity, grandeur, and forward-looking optimism.”

IMPORTANT: Ticket holders for the exclusive Emaar NYE at Burj Park viewing location are reminded to collect their badges from Dubai Mall, Dubai Hills Mall and Dubai Marina Mall on December 26 -30, 2023 from 2 pm to 10 pm.

*The badge is crucial for accessing the Burj Park area, ensuring a seamless experience for all.

For more details on the event and Burj Park ticketing information, visit www.mydubainewyear.emaar.com

 

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Note to Editors:

About Emaar Properties
Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer and provider of premium lifestyles, with a significant presence in the Middle East, North Africa and Asia. One of the world’s largest real estate companies, Emaar has a land bank of 1.7 billion sq. ft. in the UAE and key international markets.
With a proven track-record in delivery, Emaar has delivered over 102,000 residential units in Dubai and other global markets since 2002. Emaar has strong recurring revenue-generating assets with over 1,300,000 square meters of leasing revenue-generating assets and 38 hotels and resorts with over 9,600 rooms (includes owned as well as managed hotels). Today, 48 percent of Emaar’s revenue is from its shopping malls & retail, hospitality, leisure, entertainment, commercial leasing, and international businesses.
Burj Khalifa, a global icon, Dubai Mall, the world’s most-visited retail and lifestyle destination, and Dubai Fountain, the world’s largest performing fountain, are among Emaar’s trophy destinations.
Follow Emaar on: Facebook: www.facebook.com/emaardubai, Twitter: www.twitter.com/emaardubai, Instagram: www.instagram.com/emaardubai.

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

United Arab Emirates, Dubai – July 18, 2023: Emaar Properties PJSC, Dubai’s premier real-estate developer, received credit rating upgrades from Fitch Ratings, Moody’s, and S&P Global, reflecting its strong financial performance and improved leverage ratios.

Fitch Ratings has upgraded Emaar Properties Long-Term Issuer Default Rating to ‘BBB’ from ‘BBB-, with a Stable Outlook. Moody’s has similarly upgraded Emaar Properties PJSC’s long-term issuer rating to Baa2 from Baa3 with a Stable Outlook.  S&P Global has also upgraded Emaar Properties ‘BBB’ from ‘BBB-‘; the rating comes with a Stable Outlook, signalling confidence in Emaar’s financial stability and prospects.

The robust Q1 2023 results clearly echo these ratings upgrades. Emaar reported group property sales of AED 9.2 billion ($2.5 billion) in the first quarter, marking an 11% increase compared to Q1 2022. Emaar’s property sales backlog further rose to AED 55.7 billion (US$ 15.2 billion), providing healthy revenue pipeline. An additional highlight was the 11% rise in recurring revenue in Q1 2023, buoyed by increased tenant sales and a resurgence in tourism activity.

The stellar Q1 2023 performance resulted in a 26% increase in EBITDA and a 43% rise in net profit compared to Q1 2022 showcasing the company’s operational excellence and successful property sales performance. Adding to the highlights of the quarter, Emaar also declared and paid dividends of AED 2.2 billion, demonstrating its commitment to delivering shareholder value.

On the whole, these upgrades and the strong Q1 2023 results underscore Emaar Properties’ robust cash flow, lower leverage, and formidable operational performance across all business segments, indicating a strong outlook for the company’s future.

 

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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 94,000 residential units in Dubai and other global markets since 2002. Emaar has strong recurring revenue-generating assets with over 1,300,000 square meters of leasing revenue-generating assets and 37 hotels and resorts with 8,134 rooms (includes owned as well as managed hotels). Today, 37 percent of Emaar’s revenue is from its shopping malls & retail, hospitality & leisure and international subsidiaries.

Burj Khalifa, a global icon, Dubai Mall, the world’s most-visited retail and lifestyle destination, and Dubai Fountain, the world’s largest performing fountain, are among Emaar’s trophy destinations. Follow Emaar on: Facebook: www.facebook.com/emaardubai, Twitter: www.twitter.com/emaardubai, Instagram: www.instagram.com/emaardubai.

For more information:

Emaar Marketing Department

Email: PR@emaar.ae

Dubai, United Arab Emirates – 14 June 2023:  Emaar Properties celebrated the launch of The Oasis by Emaar, its latest waterfront luxury lifestyle destination, with a gala event held last night at the Armani Hotel in Burj Khalifa, Downtown Dubai.

The exclusive VIP event was attended by Emaar Properties customers and top properties agents. The evening’s highlight was the presence of the event’s guest of honour, international superstar Shahrukh Khan, who welcomed the ceremony’s guests and expressed his admiration for the new launch that joins the portfolio of renowned Emaar destinations, saying: “Whenever Emaar presents us with an urban marvel, it immediately follows it with another new destination that is a masterpiece in and of itself, such as The Oasis by Emaar, which we are celebrating tonight. This is not unusual for Dubai, a great metropolis that has become one of the world’s most famous, elegant, and advanced cities.”

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

Aiming to provide a prestigious and upscale living experience in Dubai’s real estate landscape, the development is designed to create a resort-style lifestyle, with 25% of the land dedicated to lakes, water canals, parks, jogging tracks, green spaces, and various luxury amenities. This emphasis on recreational spaces allows residents to enjoy a high-quality living environment and engage in an active and healthy lifestyle.

The Oasis by Emaar is situated in a prime location within Dubai, surrounded by high-end developments. It offers proximity to four international golf courses, allowing residents to indulge in their passion for golf. The development is conveniently located just a 20-minute-drive from downtown Dubai, providing easy access to the city’s vibrant attractions.

 

The Oasis by Emaar will also feature an expansive 1.5 million square feet retail area, hosting a wide array of lifestyle brands and offering residents access to superior shopping options. Moreover, there will be a variety of food and beverage outlets, ensuring a diverse culinary scene to cater to different preferences.

Commenting on the new development, the founder of Emaar, Mohamed Alabbar, said, “In each of its destinations, Emaar strives to meet the needs of our discerning clientele. Our primary objective is to design one-of-a-kind destinations that complement our clients’ opulent way of life while providing unmatched comfort and luxury. Our most recent integrated project, The Oasis by Emaar, is poised to complement the urban landscape of Dubai and redefine the future of luxurious living amidst nature and water, blending harmonious architecture and exceptional amenities.”

 

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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 94,000 residential units in Dubai and other global markets since 2002. Emaar has strong recurring revenue-generating assets with over 1,300,000 square meters of leasing revenue-generating assets and 37 hotels and resorts with 8,134 rooms (includes owned as well as managed hotels). Today, 37 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:

Emaar Marketing Department

Email: PR@emaar.ae

• Emaar Development’s sales backlog has increased to AED 45.680 billion (US$ 12.437 billion), to be recognised as revenue in the coming years.

Dubai, United Arab Emirates- May 11, 2023: Emaar Development PJSC (DFM: EMAARDEV), the UAE build-to-sell property development business that is majority-owned by Emaar Properties PJSC (DFM: EMAAR), recorded robust property sales with a 26% increase to AED 8.603 billion (US$ 2.342 billion) in Q1 2023 compared to AED 6.843 billion (US$ 1.863 billion) in Q1 2022. This performance resulted from Emaar Development’s successful property launches, which created a good revenue pipeline for the future and marked steady progress towards the company’s strategic initiatives to further cement its position as a trusted developer.

Emaar Development successfully launched seven projects during the first quarter of 2023, Elora in The Valley, Elvira in Dubai Hills Estate, Palace Residence North, Cedar and Savanna in Dubai Creek Harbour, Anya and Anya 2 in Arabian Ranches III.

Performance Highlights

In the first quarter of 2023 (January to March), Emaar Development reported an EBITDA of AED 1.140 billion (US$ 310 million). It has achieved a net profit of AED 1.058 billion (US$ 288 million), in line with Q1 2022.

Emaar now has a sales backlog of AED 45.680 billion (US$ 12.437 billion), which will be recognised as revenue in the coming years due to robust performance.

Mohamed Alabbar, the founder of Emaar, said: “Emaar Development’s sales execution capabilities and improving operational efficiencies continue to drive good first-quarter financial results in 2023. Our backlog demonstrates a healthy market demand across our key markets, and we remain appropriately positioned to deliver constant growth and sustained value for our shareholders.”

Dubai continues to lead as a business hub for trade, financial services, logistics, travel, and hospitality, with growth in emerging sectors such as technology, renewable energy, healthcare, and education. As evidenced by Emaar Development’s sales growth in the first quarter of 2023, the region attracts a community of skilled professionals and a continued investment in the region’s consistent growth potential.

Delivery Updates

In the first quarter of 2023, Emaar Development delivered approximately 1,600 residential units in prime locations such as Dubai Hills Estate, Dubai Creek Harbour, Downtown Dubai, Emaar Beachfront, Arabian Ranches, and Emaar South. Emaar has delivered over 59,500 residential units as of March 2023, with over 28,500 residences currently under development in the UAE.

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Note to editors:
About Emaar Development PJSC:
Emaar Development is a developer of residential and commercial build-to-sell (BTS) assets in the UAE. The company is behind iconic freehold master-planned communities in Dubai, including Emirates Living, Downtown Dubai, Dubai Marina, Arabian Ranches, Dubai Creek Harbour, Dubai Hills Estate, Emaar South etc. It has delivered over 59,500 residential units since 2002. The company has a sales backlog of over AED 45.680 billion. It is a high cash flow generating business, highlighting the company’s robust fundamentals with over 28,500 residential units under development to be delivered.

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

 

For more information and media queries:
Marketing Department – Emaar
PR@emaar.ae

 

• Emaar’s property sales backlog reached AED 55.7 billion (US$ 15.2 billion), which will be recognised as revenue in the coming years.
• Recurring revenue recorded an increase of 11% in Q1 2023, supported by an increase in tenant sales and a resurgence in tourism activity
• Sale of Namshi to Noon valued at AED 1.2 billion (US$ 335 million) completed in Q1 2023

 

Dubai, United Arab Emirates – 11 May 2023: Emaar Properties PJSC (DFM: EMAAR) has announced robust Q1 2023 financial results attributed to good property sales performance and operational excellence across its businesses. 

Key Accomplishment Highlights 

Emaar reported revenue of AED 6.3 billion (US$ 1.7 billion) in the first quarter of 2023, supported by increased tourism, retail sales and demand for real estate projects in Dubai. Emaar recorded an EBITDA and net profit for the first quarter of 2023 of AED 4.0 billion (US$ 1.1 billion) and AED 3.2 billion (US$ 873 million), respectively, which is an increase of 26 per cent and 43 per cent, respectively, compared to the first quarter to 2022. 

In the first quarter of 2023, Emaar’s group property sales reached AED 9.2 billion (US$ 2.5 billion), an 11 per cent increase compared to Q1 2022. Emaar’s revenue backlog from property sales increased to AED 55.7 billion (US$ 15.2 billion), which will be recognised as revenue in the coming years. 

Mohamed Alabbar, Founder of Emaar, said: “Emaar’s financial performance during the first quarter demonstrates our capability to continually enhance our performance through effective management of its operational efficiencies. As a direct consequence of our enhanced capacity to scale our operations, we have seen both an increase in EBITDA and a widening of margins. Owing to Emaar’s unwavering commitment to innovation, talent and operational excellence, the company is in a position to increase sales, lift profitability, and drive customers happiness and shareholders value.” 

UAE Build-To-Sell Property Development 

Emaar Development PJSC (DFM: EMAARDEV), a majority-owned subsidiary of Emaar, has recorded property sales of AED 8.6 billion (US$ 2.3 billion) in the first quarter of 2023, a growth of 26 per cent compared to the first quarter of 2022. Emaar’s property development revenue in UAE amounted to AED 3.6 billion (US$ 970 million) in the first quarter of 2023. We successfully launched seven new projects in the UAE during Q1 2023.  

Emaar International  

During the first quarter of 2023, international real estate operations of Emaar achieved property sales of AED 627 million (US$ 171 million) and generated revenue of AED 420 million (US$ 114 million), representing 7 per cent of Emaar’s overall revenue. The financial results of our international operations were primarily driven by the profitable operations in Egypt.    

Shopping Mall, Retail and Commercial Leasing 

Shopping mall, retail and commercial leasing operations saw a 7 per cent increase in revenue for Q1 2023 compared to the same period in the prior year, reaching AED 1.4 billion (US$ 388 million). Emaar recorded an EBITDA of AED 1.7 billion (US$ 474 million) from its shopping mall, retail and commercial leasing portfolio in the first quarter of 2023, representing an increase of 114 per cent from the same period in 2022. This achievement is attributed to recognising the gain on sale of Namshi of AED 700 million (US$ 191 million) and improved operational profitability complimented by high levels of tenant sales which grew by around 30 per cent compared to Q1 2022. Prime mall assets managed by Emaar Malls Management have reported an occupancy rate of over 95 per cent.   

Hospitality, Leisure, and Entertainment 

Emaar’s hospitality, leisure and entertainment businesses recorded a revenue of AED 884 million (US$ 241 million) in Q1 2023, reflecting a growth of 17 per cent compared to Q1 2022. This performance was the result of the continuing rebound in tourism and high domestic spending. The hotels in UAE under the Hospitality arm of Emaar, including managed hotels, achieved average occupancy of 75 per cent during the first quarter of 2023.   

Emaar’s diversified portfolio of recurring revenue-generating businesses, including malls, hospitality, leisure, entertainment, and leasing, collectively recorded AED 2.3 billion (US$ 629 million) in revenue during Q1 2023, representing an increase of 11 per cent compared to Q1 2022. Revenues from these businesses constitute 37% of Emaar’s overall 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 94,000 residential units in Dubai and other global markets since 2002. Emaar has strong recurring revenue-generating assets with over 1,300,000 square meters of leasing revenue-generating assets and 37 hotels and resorts with 8,134 rooms (includes owned as well as managed hotels). Today, 37 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: 

Emaar Marketing Department 

Email: PR@emaar.ae