Emaar Development Triumphs With a Spectacular 74% Surge in Profits, Ushering in a New Era of Luxury Living
Dubai, UAE – Emaar Development, the prestigious arm of Emaar Properties, is delighted to announce an extraordinary 74% year-on-year surge in net profits, reaching an impressive 6.6 billion UAE dirhams ($1.8 billion) in 2023. This landmark achievement underscores Emaar’s unwavering commitment to excellence and innovation in the real estate sector.
In a year marked by ambition and growth, Emaar Development witnessed a remarkable 22% increase in property sales, soaring to AED 37.4 billion, up from AED 30.7 billion ($8.4 billion) in the previous year. This success is attributed to the launching of 27 new projects across diverse master plans, showcasing Emaar’s dedication to creating holistic living environments.
Their sales backlog stands robust at AED 57.1 billion, a testament to our enduring legacy and the trust placed in us by our valued customers. This backlog is set to be recognized as revenue, promising a future of sustained prosperity and growth.
Mohamed Alabbar, the visionary founder of Emaar, remarked, “Our strategic focus on developing premier residential, retail, hospitality, and entertainment destinations has been the cornerstone of our success. Emaar’s dynamic project pipeline and our profound market insights position us on a trajectory of continued growth and achievements.”
In 2023, Emaar Development proudly delivered over 12,000 residential units in prime locations, including the coveted Dubai Hills Estate, Dubai Creek Harbour, and Emaar Beachfront. We have delivered more than 70,000 residential units and over 25,500 residences under development, solidifying our role as a cornerstone of Dubai’s urban landscape.
Highlighting our year of unparalleled success was the launch of The Oasis by Emaar, a $20 billion development poised to redefine luxury living in Dubai. This master development will feature over 7,000 residential units, including grand mansions and villa plots, setting a new benchmark for sophistication and luxury.
As we move forward, Emaar Development remains dedicated to crafting environments that inspire and elevate the living experience. Our achievements in 2023 are milestones and stepping stones towards a future where every development reflects our promise to deliver excellence.