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Emaar Development, the UAE-based build-for-sale property development business majority-owned by Emaar Properties, achieved the highest in the first half of 2022 (January to June), supported by the recent successful launch of projects that create value for the future real estate sales.
Real estate sales in the first half of 2022 increased by 10% to AED15.216 billion (US$4.143 billion) compared to AED13.825 billion (US$3.764 billion) in the first half of 2021.
In the first half of 2022, Emaar Development launched 15 projects in various masterplans such as Talia and Orania in The Valley, Elie Saab II and Bliss 2 in Arabian Ranches III, Rosewater, Lotus, Creek Palace, Orchid, Creek Crescent and Island Park I’m at Dubai Creek Harbour, St. Regis Downtown Dubai, Address The Bay at Emaar Beachfront, Greenview 3 at Emaar South, Park Field at Dubai Hills Estate and Seagate at Rashid Yachts & Marina.
Performance Highlights
For the first six months of 2022 (January to June), Emaar Development reported EBITDA of AED 2.564 billion ($698 million), up 15% compared to the first six months of 2021, on revenue of AED 7.282 billion ($1.983 billion) ).
As a result of this outperformance, Emaar now has a strong sales backlog of AED 32.753 billion ($8.917 billion), which will be seen as future revenue for the business.
“Our unwavering commitment to delivering quality projects to market, generating cash flow and a strong pipeline of future projects underscores our highest-ever quarterly sales in the second quarter of 2022. Our difference is that we deliver A strategy for an integrated community that provides retail amenity, hospitality and entertainment to further complement our best-in-class residential assets. We continue to see investor demand for master-planned developments that will enable us to achieve our highest ever growth in 2022 Strong first half growth,” an Emaar spokesman said.
In the first half of 2022, Emaar Development delivered over 3,100 residential units in prime locations including Dubai Hills, Dubai Creek Harbour, Downtown Dubai, Emaar Waterfront, Arabian Ranches and Emaar South. As of June 2022, Emaar has delivered over 55,100 residential units and currently has over 26,100 residential units under development in the UAE. -TradeArabia News Service
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