Tag: Press Release

• Emaar’s property sales backlog reached AED 53.2 billion (US$ 14.5 billion), which will be recognised as revenue in coming years
• Acquired Dubai Creek Harbour for a consideration of AED 7.5 billion (US$ 2 billion), offering future profit potential in a highly desirable area within Dubai
• Hospitality revenue grew by 25% compared to 2021 due to a strong rebound in tourism
• Malls revenue recorded an 8% increase in 2022 compared to 2021, with tenant sales surpassing pre-Covid levels

Dubai, United Arab Emirates – 14 February 2023: Emaar Properties PJSC (DFM: EMAAR) reported continued improvement in its property sales, growth in profitability and marked improvement in the performance of recurring revenue businesses in 2022.

Key Accomplishment Highlights
Emaar recognised revenue of AED 24.9 billion (US$ 6.8 billion) in 2022, supported by the continuous strengthening of the Dubai real estate market and growth achieved by the recurring revenue businesses due to the rebound of global tourism. EBITDA and net profit for 2022 increased by 18 per cent and 80 per cent, respectively, to AED 9.8 billion (US$ 2.7 billion) and AED 6.8 billion (US$ 1.9 billion) compared to 2021, as a result of sustained revenue, improved margins, and continued control over costs.

Emaar’s group property sales in 2022 reached AED 35.1 billion (US$ 9.5 billion), primarily driven by new project launches. Emaar’s backlog of property sales has reached AED 53.2 billion (US$ 14.5 billion), which will be recognised as revenue in the coming years.

In 2022, Emaar completed the acquisition of Dubai Creek Harbour for an overall consideration of AED 7.5 billion (US$ 2 billion).

Mohamed Alabbar, Founder of Emaar, said: “After a successful 2022, we are very pleased with our accomplishments. Improvements in consumer confidence and overall business activity, especially in the real estate market, have benefited all the company’s operations over the past year, thanks to the strategic measures taken over the past two years. Given these remarkable outcomes, we expect to see strong performance by our shopping centers, hotels, and property sales in 2023, as we continue to deliver cutting-edge projects and unparalleled offerings across all of our business units.”

Emaar’s enduring reputation for customer-centricity, superior design, construction quality, and innovation across all its market segments continues to appeal to both domestic and international investors.

Emaar Development
Emaar Development PJSC (DFM: EMAARDEV), the UAE build-to-sell property development business majority-owned by Emaar Properties, maintained strong property sales momentum in Dubai in 2022, recording AED 30.7 billion (US$ 8.4 billion) in property sales, a 12 per cent increase over 2021. Emaar Development reported AED 11.5 billion (US$3.1 billion) in revenue and AED 4.2 billion (US$ 1.2 billion) in EBITDA.

Emaar International
In 2022, Emaar’s international real estate operations recorded AED 4.3 billion (US$ 1.2 billion) in property sales and AED 4.2 billion (US$ 1.1 billion) in revenue, representing 17 per cent of Emaar’s total revenue. The performance of international operations was led by successful operations in Egypt and India.

Emaar Malls Management
Emaar Malls Management LLC, Emaar’s wholly owned shopping malls and retail division, saw an 8 per cent increase in revenue in 2022 compared to the previous year, reaching AED 5.4 billion (US$ 1.5 billion). Emaar Malls Management achieved an EBITDA of AED 3.1 billion (US$ 836 million) in 2022, an increase of 21 per cent from 2021, with tenant sales surpassing pre-Covid 19 levels. The occupancy rate of Dubai Mall, Emaar Malls Management’s prime asset, stood at 97 per cent.

The Dubai Hills Mall, which was unveiled on 17 February 2022 and boasts an impressive array of retail, dining, and entertainment concepts, has quickly become an iconic lifestyle destination. As of the end of 2022, 91 per cent of the Dubai Hills Mall was leased.

Hospitality, Leisure, and Entertainment
Emaar’s hospitality, leisure, entertainment, and commercial leasing businesses generated AED 3.4 billion (US$ 929 million) in revenue in 2022, an increase of 57 per cent compared to 2021. In 2022, Emaar’s hotels in the UAE achieved strong performance led by significant growth in ADRs and achieving average occupancy rates of 69 per cent, driven by a rebound in global tourism and supported by global events like Expo 2020 and FIFA World Cup.

Emaar’s recurring revenue-generating businesses of malls, hospitality, leisure, entertainment, and commercial leasing collectively generated AED 8.8 billion (US$ 2.4 billion) in revenue in 2022, a 23 per cent increase over the previous year. These businesses represent 36 per cent 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 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, 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, please contact:

Alma Au Yeung
Emaar Corporate Marketing Department

Email: PR@emaar.ae

• Property sales for Q3 2022 (July to September) have increased by 12% compared to Q3 2021.
• Emaar’s sales backlog has increased to AED 37.186 billion (US$ 10.124 billion), to be recognised as revenue in the coming years.

Dubai, United Arab Emirates; November 14, 2022: Emaar Development PJSC (DFM: EMAARDEV), the UAE build-to-sell property development business, majority-owned by Emaar Properties PJSC (DFM: EMAAR), achieved its highest-ever property sales during the first nine months (January to September) of 2022, maintaining record-breaking momentum built in the first half of the year. Property sales for the first nine months of 2022 is increased by 11% to AED 23.167 billion (US$ 6.307 billion) compared to AED 20.943 billion (US$ 5.702 billion) in the first nine months of 2021 and property sales for Q3 2022 (July to September) increased by 12% to AED 7.951 billion (US$ 2.165 billion) compared to Q3 2021.

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

Performance Highlights

In the first nine months of 2022 (January to September), Emaar Development reported EBITDA in line with last year and achieved 19% growth in net profit compared to the first nine months of 2021.

Due to this exceptional performance, Emaar now has a robust sales backlog of AED 37.186 billion (US$ 10.124 billion), which will be recognised as revenue in the coming years.

“Following a record-breaking first half of 2022, we have maintained momentum and growth by delivering another excellent set of sales figures in Q3. Across the board in our portfolio of retail, hospitality and entertainment, we are seeing demand for the exceptional communities and amenities we deliver. Strategically, Emaar is attuned to the market and has a reputation for delivering developments of excellent standards which generates exceptional consumer confidence. This, aligned with a strong ongoing project launch list has enabled Emaar to maintain an upward trajectory for sales and growth,” an Emaar spokesperson said.

Dubai continues to lead the way as a business hub for trade, financial services, logistics, travel and hospitality, with emerging sectors witnessing growth, such as technology, green energy, healthcare and education. The region attracts a community of skilled professionals, and investors continue to invest in the region’s steadfast growth potential, reflective of Emaar’s sales records for Q3 2022.

Delivery update

Emaar Development has delivered over 4,700 residential units during the first nine months of 2022 across prime locations, including Dubai Hills Estate, Dubai Creek Harbour, Downtown Dubai, Emaar Beachfront, Arabian Ranches and Emaar South. As of September 2022, Emaar has delivered more than 56,700 residential units, with over 26,200 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 and Emaar South. It has delivered over 56,700 residential units since 2002. The company has a sales backlog of over AED 37.186 billion. It is a high cash flow generating business, highlighting the company’s robust fundamentals with over 26,200 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:
Hiba Eid
PR Manager
Email: hibaeid@sevenmedia.ae
Phone Number: +971 50 50 95306

 

 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Emaar’s recurring revenue-generating businesses of malls, hospitality, leisure, entertainment and commercial leasing, together achieved 9M 2022 revenue of AED 6.3 billion (US$ 1.7 billion) recording a growth of 40 per cent compared to same period last year. These businesses represent a 33 per cent Emaar’s total revenue.

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Note to Editors:

About Emaar Properties

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

With a proven track-record in delivery, Emaar has delivered over 88,400 residential units in Dubai and other global markets since 2002. Emaar has strong recurring revenue-generating assets with over 1,300,000 square meters of leasing revenue-generating assets and 33 hotels and resorts with 7,637 rooms (includes owned as well as managed hotels). Today, 51 percent of Emaar’s revenue is from its shopping malls & retail, hospitality & leisure and international subsidiaries.

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

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

For more information:

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

 

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

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

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

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

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 Note to Editors:

About Emaar Properties

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

With a proven track-record in delivery, Emaar has delivered over 86,200 residential units in Dubai and other global markets since 2002. Emaar has strong recurring revenue-generating assets with over 1,300,000 square meters of leasing revenue-generating assets and 33 hotels and resorts with 7,470 rooms (includes owned as well as managed hotels). Today, 46 percent of Emaar’s revenue is from its shopping malls & retail, hospitality & leisure and international subsidiaries.

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

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

About Dubai Holding

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

www.dubaiholding.com

www.twitter.com/dubaiholding

www.instagram.com/dubaiholding

www.facebook.com/dubaiholding

www.youtube.com/user/dubaiholding

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

For more information:

Eisha Rahul Mukerji

Senior PR Manager

Email: eishamukerji@sevenmedia.ae

Phone Number: +971 50 830 9173

 

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

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

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

Performance Highlights

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

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

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

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

Delivery update

Emaar Development has delivered over 3,100 residential units during first half of 2022 across prime locations, including Dubai Hills Estate, Dubai Creek Harbour, Downtown Dubai, Emaar Beachfront, Arabian Ranches and Emaar South. As of June 2022, Emaar has delivered more than 55,100 residential units, with over 26,100 residences currently under development in the UAE.

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Note to editors:

About Emaar Development PJSC:

Emaar Development is a developer of residential and commercial build-to-sell (BTS) assets in the UAE. The company is behind iconic freehold master-planned communities in Dubai, including Emirates Living, Downtown Dubai, Dubai Marina, Arabian Ranches, Dubai Creek Harbour, Dubai Hills Estate, Emaar South and has delivered over 55,100 residential units since 2002. The company has a sales backlog of over AED 32.753 billion, and is a high cash flow generating business, highlighting the robust fundamentals of the company with over 26,100 residential units under development to be delivered.

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

For more information:

Jessica Little

PR Director

Email: jessicalittle@sevenmedia.ae

Phone Number: +971 58 176 3622

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

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

Key performance highlights

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

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

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

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

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

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

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

 Emaar Development

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

Emaar International

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

Emaar Malls Management

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

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

Hospitality, Leisure & Entertainment

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

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

ESG and aligning to SDGs

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

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 Note to Editors:

About Emaar Properties

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

With a proven track-record in delivery, Emaar has delivered over 86,200 residential units in Dubai and other global markets since 2002. Emaar has strong recurring revenue-generating assets with over 1,300,000 square meters of leasing revenue-generating assets and 33 hotels and resorts with 7,470  rooms (includes owned as well as managed hotels). Today, 46 percent of Emaar’s revenue is from its shopping malls & retail, hospitality & leisure and international subsidiaries.

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

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

For more information:

Jessica Little

PR Director

Email: jessicalittle@sevenmedia.ae

Phone Number: +971 58 176 3622