Emaar Development posts 74% rise in 2023 net profit

Dubai: After posting a 22 per cent increase in property sales on account of 27 new project launches, Emaar Development recorded a 74 per cent rise in 2023 net profit.

The majority-owned subsidiary of Emaar Properties recorded an increase in property sales to Dh37.4 billion compared to Dh30.7 billion in 2022. The company also posted a net profit of Dh6.6 billion in 2023.

"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.

During 2023, Emaar Development has delivered over 12,000 residential units across prime locations, including Dubai Hills Estate, Dubai Creek Harbour, Downtown Dubai, Emaar Beachfront, Arabian Ranches, Emaar South, Dubai Marina and The Valley. As of December 2023, Emaar has delivered more than 70,000 residential units, with over 25,500 residences currently under development in the UAE.

Emaar Development now has a sales backlog of Dh57.1 billion, which will be recognised as revenue in the coming years. In fourth quarter of 2023, Emaar Development unveiled Address Residences Al Marjan Island in Ras Al Khaimah.

This development, encircling the Address Al Marjan Island resort, offers a range of options from apartments to villas. Earlier in 2023, Emaar revealed its newest lifestyle destination, The Oasis by Emaar, launching the first communities in Palmiera.