Dubai’s Sobha Realty sales more than doubles in H1 2023

Dubai’s Sobha Realty sales more than doubles in H1 2023

Dubai-based real estate developer Sobha Realty on Friday said sales more than doubled in half year 2023 to 7.4 billion dirhams ($2 billion).

Revenue for the period rose 20% to AED 3.2 billion supported by a revenue backlog of more than AED 11 billion, the company said in a statement on Nasdaq Dubai where its sukuk is listed.

Net profit attributable to shareholders was AED 712.6 million compared with AED 575 million in the prior year period.

The developer, which has launched a slew of projects across Dubai to leverage the strong rebound in demand for property, raised $300 million in a sukuk issuance in July this year, and dual-listed on the London Stock Exchange and Nasdaq Dubai.

(Reporting by Brinda Darasha; editing by Seban Scaria)

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