Emaar Development’s quarterly sales rose 51 percent to AED 5.902 billion ($1.607 billion) in Q1 2019, up from AED 3.908 billion ($1.064 billion) the year before, driven by a strong performance of Dubai’s property market.
According to Emaar Development - the build-to-sell property development business of Emaar Properties - net profit during the same period totalled AED 751 million ($204 million) with a revenue of AED 3.341 billion ($910 million).
Over the course of the first quarter, eight projects were launched with a total value of AED 4.362 billion ($1.188 billion).
Sales to non-UAE residents represented 45 percent of the total sales recorded, with strong interest from investors in Saudi Arabia, China, the United Kingdom and India.
Among the launches were Arabian Ranches III, four phases of Emaar South, the Executive Residences at Dubai Hills Estate, and several residential projects within Dubai Creek Harbour.
The company’s sales backlog rose to AED 37.729 billion ($10.272 billion) during the quarter.
“The positive performance of Emaar Development is led by our UAE development strategy that focuses on four pillars: leveraging the strength of our master developments; product innovation to offer unique products for millennials and the new generation of customers; reaching out to international customers; and a well-planned execution and delivery,” said Mohamed Alabbar, chairman of Emaar Development.
Alabbar added, “Dubai’s robust economic performance, strong fundamentals and promising future outlook and the forward-looking policies to energise the property market, including the provision of long-term visas, continue to drive investor interest, enabling us to add consistent value for our stakeholders.”
Emaar is the world’s largest property company outside China, with a brand value of over $2.7 billion.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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