- Revenue surged 69% year-over-year to AED 12.5 billion (US$ 3.4 billion) in the first nine months of 2024.
- Sales backlog climbed to AED 83.7 billion (US$ 22.8 billion), up 47% from December 2023, to be recognized in future revenue.
Dubai, UAE – November 11, 2024: Emaar Development PJSC (DFM: EMAARDEV), a leading UAE property development firm and majority-owned by Emaar Properties PJSC (DFM: EMAAR), continued its upward momentum in the third quarter of 2024. Property sales increased 66% to AED 48 billion (US$ 13.1 billion) in the first nine months, compared to AED 28.9 billion (US$ 7.9 billion) for the same period in 2023. This growth was fueled by 50 project launches across master plans in early 2024, reinforcing Emaar’s market leadership and future growth potential.
In Q3 2024, Emaar launched “Lavita” in The Oasis, a community of luxury mansions in a serene waterfront setting. This collection of 43 six- and seven-bedroom homes combines modern comfort with timeless elegance, each styled to reflect its resident’s unique character. Lavita, within the 100-million-square-foot Oasis master community, offers wellness centers, boutiques, walking trails, and eco-friendly features.
Performance Highlights
For the first nine months of 2024 (January to September), Emaar Development achieved a revenue of AED 12.5 billion (US$ 3.4 billion) and an EBITDA of AED 6 billion (US$ 1.6 billion), with year-over-year increases of 69% and 35%, respectively. Emaar’s sales backlog rose to AED 83.7 billion (US$ 22.8 billion), up 47% from December 2023, to be recorded as future revenue.
Mohamed Alabbar, Emaar’s founder, commented: “Our results this quarter reflect the trust our customers place in Emaar’s vision. By innovating and anticipating market trends, we deliver experiences that align with today’s lifestyle needs. Our focus remains on providing sustainable value for our customers and shareholders, fueling growth that supports Dubai’s aspirations.”
Dubai’s rapid population growth has solidified its standing as a global center for trade, finance, logistics, tourism, and hospitality. With its population nearing 3.8 million, demand for housing, infrastructure, and services is surging. Emerging sectors, including technology, renewable energy, healthcare, and education, attract a diverse professional community. Emaar Development’s strong 2024 sales highlight the region’s capacity to sustain population growth while maintaining robust investment and economic expansion.
