Emaar announces new developments in Dubai

Emaar announces new developments in Dubai

The two new project developments include The Heights Country Club and Grand Club Resort next to Emaar The Oasis project

UAE-based developer Emaar Properties has announced two new real estate developments in Dubai that the company values at AED91bn ($25bn).The first development, called The Heights Country Club, is valued at AED55bn ($15bn) and will span an area of about 7.5 kilometres (km).The other development is called the Grand Club Resort which will be built over an area of over 5km with an overall development value of AED41bn ($11bn), next to Emaar's The Oasis project in Dubai.The announcement from Emaar comes shortly after the developer said that it is expanding the land area of its residential development, The Oasis by Emaar.Emaar financial performance Strong financial performance last year on the back of a bullish real estate market in Dubai fueled the steady launch of new projects and the announcement of new contract awards by Emaar.Emaar said that it has recorded a 22% increase in sales amounting to AED 37.4bn in 2023 compared to AED30.7 bn in 2022.Emaar also reported an Ebitda of AED8bn ($2.2bn) and a net profit of AED6.6bn, an increase of 89% and 74% compared to 2022, respectively.The firm said that its sales backlog stands at AED57bn ($5.5bn), which it