Emaar Development records net profit of Dhs1.657 billion in 2020

Emaar Development records net profit of Dhs1.657 billion in 2020

Emaar Development is expected to deliver over 6, 000 residential units in 2021. Business Bureau, Gulf TodayEmaar Development , the UAE build-to-sell property development business, majority-owned by Emaar Properties, delivered resilient 2020 year-end results. The company reported property sales of Dhs 6. 308 billion ($1. 717 billion) and recorded revenue of Dhs9. 758 billion ($2. 657 billion) with a net profit of Dhs1. 657 billion ($ 451 million) for 2020. With the property market continuing to recover, Emaar achieved month-on-month growth in sales throughout the second half of 2020 (July to December). Emaar now has a healthy sales backlog of Dhs24. 605 billion. Mohamed Alabbar, Founder of Emaar Properties and Emaar Development said: "Despite the challenges of the pandemic, we remained focused on progressing at great speed with all of our projects during 2020. The progress underlines Emaar Development's commitment to delivering the highest of quality homes on time to our customers."Our proven agility allowed us to achieve robust results in the second half of the year. We expect this vigorous trend to continue in the year ahead, supported by our best-in-class projects."Emaar Development has delivered approximately 4, 800 residential units in 2020 across prime locations, including Dubai Hills Estate,