Emaar Development on Sunday reported that its nine-month net profit surged by 75 percent to Dh2.384 billion and that its sales backlog reached Dh28.471 billion.
During January-September 2021, the Dubai-listed company sold the highest-ever property sales of Dh20.943 billion, a five-fold increase over the same period last year. Revenue surged 63 percent to Dh11.604 billion during the nine-month period.
“The strong performance of Emaar Development underlines the strength of Dubai’s property sector, driven by the robust economic fundamentals of the UAE. Through the development of our exceptional lifestyle destinations, we are able to offer world-class residential choices, which stand out for their design, build quality and amenities, to our customers,” an Emaar spokesperson said.
During the first 9 months of 2021, Emaar Development successfully launched Golf Place Terraces, Palm Hills with Elie Saab and Majestic Vistas inspired by Automobili Lamborghini in Dubai Hills Estate, Palace Beach Residence and Beach Mansion in Emaar Beachfront, Caya and Bliss in Arabian Ranches III, and Nara in The Valley.
“These developments also serve as dynamic hubs, with outstanding amenities, including diverse retail and hospitality options, which energise the economy and create new jobs and business opportunities. Our successful strategy unlocks the true potential of our property development business, with the aim of delivering long-term value for our shareholders, as we continue to focus on consistently strengthening our core competencies,” Emaar spokesperson said.
During the first nine months of 2021, Emaar Development delivered over 3,700 residential units in prime locations, including Dubai Hills Estate, Dubai Creek Harbour, Downtown Dubai, Dubai Marina, and Emaar South. As of September 2021, Emaar has delivered more than 51,000 residential units, with more than 25,000 residences currently in development.