DUBAI, UAE, 8 February 2024: Emaar Development, a property development company specialising in the build-to-sell property development business and a majority-owned subsidiary of Emaar Properties, announced that it recorded an increase of 22% in property sales to AED 37.4 billion (USD 10.2 billion) compared to AED 30.7 billion (USD 8.4 billion) in 2022. Making the announcement through a Press release, Emaar Development said, 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 said, it unveiled Address Residences Al Marjan Island in Ras Al Khaimah, and added that this exclusive development, encircling the Address Al Marjan Island resort, offers a range of living options from apartments to villas, all featuring contemporary design, serene interiors, and captivating sea views.

In 2023, Emaar Development said it revealed its newest lifestyle destination, The Oasis by Emaar, 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, Emaar Development said the Oasis by Emaar boasts architectural designs by famous architects, with interiors created by prominent international designers. The company said that 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 views of water canals, lakes, and parks.

In 2023, Emaar Development said it reported an EBITDA of AED 8 billion (USD 2.2 billion) and net profit of AED 6.6 billion (USD 1.8 billion), an increase of 89% and 74% compared to 2022, respectively. Emaar Development added that it has a sales backlog of AED 57.1 billion (USD 15.5 billion), which will be recognised as revenue in the coming years.

Mohamed Alabbar, Founder, Emaar, said: “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.”

During 2023, Emaar Development said it 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 said it has delivered more than 70,000 residential units, with over 25,500 residences currently under development in the UAE.