Emaar Development profit rises 74% to $1.8bn in 2023

Emaar Development profit rises 74% to $1.8bn in 2023

Emaar Development, a wholly owned subsidiary of Emaar Properties, reported that net profit surged 74 percent year on year to AED6.6 billion ($1.8 billion) last year, propelled by 27 new project launches across Dubai. Property sales increased 22 percent year on year to AED37.4 billion. The developer’s sales backlog stands at AED57.1 billion, which will […]Emaar Development, a wholly owned subsidiary of Emaar Properties, reported that net profit surged 74 percent year on year to AED6.6 billion ($1.8 billion) last year, propelled by 27 new project launches across Dubai.

Property sales increased 22 percent year on year to AED37.4 billion. The developer’s sales backlog stands at AED57.1 billion, which will be recognised as revenue in the coming years.

Emaar Development in 2023 delivered over 12,000 residential units across various master plans, including Dubai Hills Estate, Dubai Creek Harbour, Downtown Dubai, Emaar Beachfront, Arabian Ranches, Emaar South, Dubai Marina and The Valley. 

As of December 2023, the company delivered over 70,000 residential units, with an additional 25,500 units under development in the Emirate.

“Emaar’s consistent performance in enhancing sales and profitability reflects our strategic focus on developing premier residential properties, retail, hospitality, and entertainment environments,” said Mohamed Alabbar, founder of Emaar.

“Our robust project pipeline and