Emaar Development revenue soars 54% in first nine months

DUBAI / WAM

Emaar Development, owned by Emaar Properties, has recorded a growth in net profit of 19 percent during the first nine mon-ths of 2018, to AED2.498 billion ($680 million), compared to AED2.106 billion ($573 million) during the same period in 2017. Total revenue for the first nine months is AED10.033 billion ($2.732 billion), an increase of 54 percent over the revenue of AED6.508 billion ($1.772 billion) during the corresponding period last year.
Highlighting the strong investor interest for Emaar’s residential launches, the company reported total sales worth AED10.030 billion ($2.731 billion) during the first nine months of 2018. Emaar Development now has a total sales backlog of AED38.53 billion ($10.49 billion), which will be recognised as revenue in the next three to four years.
Mohamed Alabbar, Chairman of Emaar Development and Emaar Properties, said, “The strong performance of Emaar Development underlines stren-gth of Dubai’s property sector, driven by robust economic fundamentals of the nation.”