Emaar Development, a UAE real estate developer, continued to grow rapidly in the third quarter of 2024. Compared to Dh28.9 billion ($7.9 billion) for the same period in 2023, property sales increased by 66% to Dh48 billion ($13.1 billion) in the first nine months of 2024.
In the first nine months of 2024, the company has started 50 projects across all master plans.
Emaar Development reported Dh12.5 billion ($3.4 billion) in revenue and Dh6 billion ($1.6 billion) in EBITDA from January to September, which is a 69% and 35% increase, respectively, over the same period in 2023.
Emaar’s sales backlog has grown to Dh83.7 billion ($22.8 billion), 47% more than it was in December 2023, and will be recognized as revenue in the upcoming years due to the company’s sustained sales growth.
Mohamed Alabbar, founder of Emaar, commented: “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.”
