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Renowned developer Emaar Properties showed strong performance in 2023. They reported an EBITDA of AED 8 billion (US$ 2.2 billion) and a net profit of AED 6.6 billion (US$ 1.8 billion), an 89% and 74% increase compared to last year, respectively. The company reaped from strong property sales that increased by 22% to AED 37.4 billion ($10.2 billion).
Emaar Development announced several new flagship projects in 2023 – 24, Emaar Oria at Dubai Creek Harbour Dubai and Address Residences Al Marjan Island in Ras Al Khaimah. The company now has AED 57.1 billion in future contracted revenue from properties sold but not yet delivered.
A solid financial performance is due to Emaar’s focus on creating high-quality residential properties, malls, and hospitality facilities. As per founder Mohamed Alabbar, Emaar’s “pursuit of excellence is in tune with our clientele’s expectations and bolsters their trust in our brand.”
Dubai’s economic expansion, in turn, underpins Emaar’s sales growth. The Emirates aims to double GDP by 2033 under the ‘D33’ strategic plan launched last year. Sectors, such as technology, renewable energy and education, are burgeoning quickly; this has drawn a lot of highly skilled professionals and investors to Dubai.
The delivery side saw over 12,000 residential units handed over to customers in 2023 by Emaar across established communities such as Dubai Hills Estate ), Dubai Creek Harbour, and Arabian Ranches. About 25,500 residences remain uncompleted. Since 2002, the developer has delivered over 70000 homes. The good outcomes will motivate Emaar to implement the master-planned flagship developments and bring new high-end living opportunities to customers. “Robust project pipeline and insightful market information” was Alabbar’s point about Emaar; such would ensure that the company is focused on solid growth.
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