Tag: Press Release

• 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. 

 

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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 

 

 

Dubai, United Arab Emirates – 18 April 2023: Today, on April 18, 2022, Emaar Development PJSC (DFM: EMAARDEV) held its Annual General Meeting (AGM) where the Board of Directors reported Emaar’s strong performance for 2022. 

At the AGM, shareholders approved the Board of Directors’ proposal to distribute dividend of AED 2.081 billion (US$ 567 million) which equals to 52% of the share capital (~AED 0.52 fils per share), demonstrating Emaar’s commitment to maximising shareholder value. Further Board’s report on the company’s activities & financial position of the company and the Auditor’s report were also approved. 

The Board of Directors also reaffirmed its commitment to delivering high-quality residences & communities to its customers and residents. 

Emaar Development PJSC reported property sales of AED 30.713 billion (US$ 8.362 billion), an increase of 12% compared to 2021 resulted in healthy sales backlog of AED 41.344 billion (US$ 11.256 billion) which will be recognized as revenue in the coming years. In 2022, the Company reported revenue of AED 11.541 billion (US$ 3.142 billion) and net profit of AED 3.808 billion (US$ 1.037 billion) which reflects a 17% growth compared to 2021.  

Over 6,100 residential units were delivered by Emaar Development in 2022 across prominent locations, including Dubai Hills Estate, Dubai Creek Harbour, Downtown Dubai, Emaar Beachfront, Arabian Ranches, and Emaar South. Emaar has delivered over 58,000 residential units in the UAE as of December 2022, with over 27,000 residences currently under development in the UAE. 

Recognising Emaar Development’s resilient performance in the last fiscal year, Mohamed Alabbar, Founder, Emaar Properties, said: “Emaar Development’s success in 2022 reflects our improved operating posture and healthy demand for our offers which help us maximize performance and better manage risk. In 2023 we continue to focus on a robust line-up of property launches and new projects, we are well positioned to deliver sustained revenue growth and expanding margins. We attribute our growth and increased profitability year-over-year to the efforts of our shareholders, management, talented workforce, and brand name, which was built on the foundation of trust and quality.” 

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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 and Emaar South. It has delivered over 58,000 residential units since 2002. The company has a sales backlog of over AED 41.344 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, please contact: 

Alma Au Yeung 

Emaar Corporate Marketing Department 

Email: PR@emaar.ae 

Dubai, United Arab Emirates; 17 April 2023: Today, 17 April 2023, Emaar Properties PJSC (DFM: EMAAR) held its Annual General Meeting (AGM) where the Board of Directors reported the company’s strong performance in 2022 and discussed the rigorous measures taken to ensure continued robust business performance throughout the year.

At the AGM, shareholders approved the Board of Directors’ proposal to distribute dividends equal to 25% of the share capital, demonstrating Emaar’s commitment to maximising shareholder value. Both the auditor’s report for the year 2022 and the board’s report on the company’s activities and financial position were approved at the meeting.

By prioritising the satisfaction of its customers and ensuring the continued development of its products and services, Emaar is able to increase the value it brings to its shareholders. This resulted in AED 35.1 billion (US$ 9.5 billion) in real estate sales for the company in 2022, a record high and a reflection of the confidence customers have in the Emaar name. In addition, Emaar reports a sizable sales backlog of over AED 53.2 billion (US$ 14.5 billion), which will be recognised as revenue over the next few years.

Emaar remains committed to delivering all ongoing projects by their respective deadlines. Investment in the company’s highly qualified workforce, digital systems, and supplementary resources will ensure the continuity of all operational efficiencies and help the business realise its long-term goals.

Mohamed Alabbar, Founder of Emaar Properties, said: “The Group sees 2023 as a promising year, and it is dedicated to improving its operations, increasing its Return on investment, and satisfying its clientele. The company plans to boost its efficiency, productivity, and performance to increase its turnover. Digital transformation, new product innovation, and market penetration will lay the groundwork for future growth and long-term shareholder value. Simultaneously, Emaar continues to make healthy investments in its workforce, attracting top global talent while enhancing opportunities to nurture UAE national talent and fostering more inclusive growth for our organisation and society.”

Emaar Properties PJSC’s net profit for the fiscal year ending December 31, 2022 was AED 6.8 billion (US$ 1.9 billion), and the company’s total revenue was AED 24.9 billion (US$ 6.8 billion). The results are indicative of the persevering interest of both domestic and international investors, with domestic and international sales exceeding their pre-pandemic levels.

Emaar consistently provides premium experiences and lifestyle opportunities across market segments, and its properties continue to be sought after by investors both domestically and internationally due to the company’s commitment to setting new standards in design, build quality, and innovation.

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

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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 92,000 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 8,135 rooms (includes owned as well as managed hotels). Today, 53 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 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, please contact:

Alma Au Yeung

Emaar Corporate Marketing Department

Email: PR@emaar.ae

 

 

 

 

• Property sales for Q4 2022 (October to December) have increased by 16% compared to Q4 2021.
• Emaar’s sales backlog has increased to AED 41.344 billion (US$ 11.256 billion), to be recognised as revenue in the coming years.

Dubai, United Arab Emirates – February 14, 2023: Emaar Development PJSC (DFM: EMAARDEV), the UAE build-to-sell property development business, majority-owned by Emaar Properties PJSC (DFM: EMAAR) recorded an increase of 12% in property sales to AED 30.713 billion (US$ 8.362 billion) compared to AED 27.440 billion (US$ 7.471 billion) in 2021. This performance was a result of Emaar’s successful launches of properties, creating a strong revenue pipeline for the future.

In 2022, Emaar Development successfully launched twenty eight projects in various master plans, such as Talia, Orania and Farm Gardens in The Valley, Elie Saab II, Bliss 2 and Raya in Arabian Ranches III, Rosewater, Lotus, Creek Palace, Orchid, Creek Crescent, Island Park and The Cove II in Dubai Creek Harbour, St. Regis and The Residence Burj Khalifa in Downtown Dubai, Address The Bay and Beachgate by Address in Emaar Beachfront, Greenview 3 and Fairway Villas in Emaar South, Park Field, Lime Garden, Hills Park, Park Horizon and Address Hillcrest in Dubai Hills Estate, Marina Shores in Dubai Marina, Golf Heights in Emirates Hills and Seagate & Seascape in Rashid Yachts & Marina.

Performance Highlights

In 2022, Emaar Development reported EBITDA of AED 4.224 billion (US$ 1.150 billion) and achieved 17% growth in net profit to AED 3.808 billion (US$ 1.037 billion) compared to 2021.

Emaar now has a sales backlog of AED 41.344 billion (US$ 11.256 billion), which will be recognised as revenue in the coming years as a result of robust performance.

“Emaar Development continued the trend of increase sales and profitability. Across the board in our portfolio of retail, hospitality and entertainment, we are seeing demand for the exceptional communities and amenities we deliver. Emaar is savvy to market trends and has a track record of producing high-quality developments, both of which inspire remarkable trust in the company among its customers. This, aligned with a strong ongoing project launch list has enabled Emaar to maintain an upward trajectory for sales and growth,” said Mohamed Alabbar, founder of Emaar.

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

Delivery update

Emaar Development has delivered over 6,100 residential units in 2022 across prime locations, including Dubai Hills Estate, Dubai Creek Harbour, Downtown Dubai, Emaar Beachfront, Arabian Ranches and Emaar South. As of December 2022, Emaar has delivered more than 58,000 residential units with over 27,000 residences currently under development in the UAE.

-Ends-

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 and Emaar South. It has delivered over 58,000 residential units since 2002. The company has a sales backlog of over AED 41.344 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, please contact:

Alma Au Yeung
Emaar Corporate Marketing Department

Email: PR@emaar.ae