Emaar Development PJSC, the UAE’s leading property development company majorly owned by Emaar Properties PJSC, reported on Monday a significant 66% increase in property sales for the first nine months of 2024, reaching Dh48 billion ($13.1 billion). This compares to Dh28.9 billion for the same period in 2023.
From January to September 2024, Emaar Development recorded a revenue of Dh12.5 billion and earnings before interest, taxes, depreciation, and amortization (Ebitda) of Dh6 billion. This represents a 69% and 35% increase respectively from the first nine months of 2023.
With ongoing robust sales growth, Emaar’s sales backlog has climbed to Dh83.7 billion, which is 47% higher than in December 2023. These figures will be recognized as revenue in the upcoming years.
Mohamed Alabbar, founder of Emaar, remarked: “Our performance this quarter reflects the confidence and trust that our customers place in Emaar’s vision. By continuing to innovate and stay ahead of market trends, we create experiences that resonate with evolving lifestyles. Our strategy is centered on adding sustainable value for both our customers and shareholders, driving growth that aligns with Dubai’s ambitions.”
Dubai’s rapid population growth has further cemented its status as a global hub for trade, financial services, logistics, travel, and hospitality. With a population approaching 3.8 million and rising, the demand for housing, infrastructure, and services is expanding at an unprecedented rate. This growth is also propelled by emerging sectors such as technology, renewable energy, healthcare, and education, drawing a diverse community of skilled professionals.
“Emaar Development’s strong sales in the first nine months of 2024 reflect the region’s capability to accommodate this population surge while maintaining high levels of investment and economic growth,” the company statement said.
