Emaar Development records 26% growth in property sales to AED 8.603bln ($ 2.342bln) in Q1 2023

Emaar Development records 26% growth in property sales to AED 8.603bln ($ 2.342bln) in Q1 2023

Dubai, United Arab Emirates: Emaar Development PJSC (DFM: EMAARDEV), the UAE build-to-sell property development business that is majority-owned by Emaar Properties PJSC (DFM: EMAAR), recorded robust property sales with a 26% increase to AED 8.603 billion (US$ 2.342 billion) in Q1 2023 compared to AED 6.843 billion (US$ 1.863 billion) in Q1 2022. This performance resulted from Emaar Development's successful property launches, which created a good revenue pipeline for the future and marked steady progress towards the company's strategic initiatives to further cement its position as a trusted developer.

Emaar Development successfully launched seven projects during the first quarter of 2023, Elora in The Valley, Elvira in Dubai Hills Estate, Palace Residence North, Cedar and Savanna in Dubai Creek Harbour, Anya and Anya 2 in Arabian Ranches III.

Performance Highlights

In the first quarter of 2023 (January to March), Emaar Development reported an EBITDA of AED 1.140 billion (US$ 310 million). It has achieved a net profit of AED 1.058 billion (US$ 288 million), in line with Q1 2022.

Emaar now has a sales backlog of AED 45.680 billion (US$ 12.437 billion), which will be recognised as revenue in the coming years due to robust performance.

Mohamed Alabbar, the founder of Emaar, said: "Emaar Development's