48 billion dirhams in sales by Emaar Development, with a growth of 66% in 9 months

Emaar Development maintained the strong momentum of its business during the third quarter of 2024, as its real estate sales increased by 66% to reach 48 billion dirhams (13.1 billion US dollars) during the first nine months of 2024, compared to sales worth 28.9 billion dirhams. UAE ($7.9 billion) for the same period in 2023.
This successful performance came as a result of the launch of 50 new projects across various master plans during the first nine months of 2024, which strengthens Emaar’s leading position in the market and supports its ability to achieve sustainable growth in the future.

During the third quarter of 2024, Emaar launched the “La Vita” project in “The Oasis”, its first residential complex of luxury palaces. This exclusive complex was designed amidst tranquil landscapes overlooking the waterfront, and includes 43 mansions consisting of 6 and 7 bedrooms.
The palaces are available in four diverse architectural styles, designed to suit the unique personality of their residents. The “La Vita” project, which forms part of the “The Oasis” project and extends over an area of ​​100 million square feet, is an integrated complex that includes health centers, upscale shops, and hiking and running paths, with the adoption of energy-saving systems and environmentally friendly materials throughout.

During the first nine months of 2024 (January to September), Emaar Development recorded revenues of AED 12.5 billion ($3.4 billion) and EBITDA of AED 6 billion ($1.6 billion), an increase of 69% and 35%. respectively compared to the same period in 2023.
With continued growth in sales, Emaar’s accumulated sales from projects under construction reached 83.7 billion dirhams ($22.8 billion), an increase of 47% from December 2023, and will be recorded as revenues in the coming years.
Commenting on these results, Mohammed Al Abbar, founder of Emaar, said: “The strong performance we achieved during the third quarter reflects the great confidence that our customers place in Emaar’s vision. Our ability to continuously innovate and anticipate market trends in advance has contributed to designing a lifestyle and living experiences that meet life’s needs.” Our strategy is also based on providing sustainable added value to both our customers and shareholders, which drives growth in line with Dubai’s ambitions.”
It is worth noting that Dubai’s rapid population growth has contributed to strengthening its position as a global center for trade, financial services, logistics, tourism, and hospitality. With the emirate’s population approaching 3.8 million people, the demand for housing units, services, and infrastructure is increasing unprecedentedly. Emerging sectors such as technology, renewable energy, healthcare, and education contribute to attracting diverse segments of professional talent. The strong sales achieved by Emaar Development during the first nine months of 2024, in turn, reflects the region’s ability to absorb this continued population increase while maintaining high levels of investment and economic growth.