UAE’s Emaar Development reports net profit of Dhs2.38bn for first nine months of 2021

UAE’s Emaar Development reports net profit of Dhs2.38bn for first nine months of 2021

Emaar Development, the build-to-sell property development business majority-owned by Emaar Properties, reported its highest ever property sales of Dhs20.943bn in the first nine months (January to September) of 2021. It represents an increase of 382 per cent compared to the first nine months of 2020. Emaar Development reported a net profit of Dhs2.384bn and revenue of Dhs11.604bn, an increase of 75 per cent and 63 per cent compared to the first nine months of 2020, respectively. During the first nine months of 2021, Emaar Development 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. Emaar now has a sales backlog of Dhs28.471bn, which it said will be recognised in the future as revenue for the business. Emaar Development has delivered over 3,700 residential units during the first nine months of 2021 across 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 over 25,000 residences currently under development in