Dubai: Emaar Development PJSC reported on Monday that total sales for the first quarter of 2019 increased by 51 per cent to Dh5.902 billion, compared to Q1 2018 sales of Dh3.908 billion.
Emaar Development is the UAE-based property development arm of Emaar Properties.
The company develops residential and commercial property, shopping malls and other retail assets and as well as hospitality and leisure attractions.
Emaar Development launched eight new projects during first quarter of 2019 with a total project value of Dh4.362 billion (US$1.188 billion).
In a statement the company said there was significant and continued interest from investors and end users, regionally and globally, led by the UAE residents and investors from Saudi Arabia, China, United Kingdom and India, with investments by some of Emaar’s customers doubling in Q1 2019. There was significant growth in sales to investors from Pakistan and Egypt. Sales to non-UAE residents represent over 45 per cent of total sales recorded highlighting the significant interest of international investors in Dubai real estate and the strength of Emaar brand.
Emaar Development reported a net profit of AED 751 million (US$ 204 million) and a revenue of AED 3.341 billion (US$ 910 million) for the first quarter of 2019.
Emaar Development’s total sales backlog increased to AED 37.729 billion (US$ 10.272 billion).