Emaar Development sales grow record 51% in Q1

DUBAI / Emirates Business

Emaar Development achie-ved one of the highest quarterly sales during the first quarter (January to March) of 2019 underpinned by the exceptional sales of residences launched by the company. The total sales for the period increased by 51 percent to AED 5.902 billion ($1.607 billion) compared to Q1 2018 sales of AED3.908 billion ($1.064 billion).
Emaar Development launc-hed eight new projects during first quarter of 2019 with a total project value of AED 4.362 billion ($1.188 billion). 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 percent of total sales recorded highlighting the significant interest of international investors in Dubai real estate and the strength of Emaar brand.
The primary driver of gro-wth in sales is robust growth of Dubai’s economy, with all key sectors including travel, tourism, aviation, hospitality, logistics and financial services, and technology, clean energy and healthcare also repo- rting positive performance. Dubai’s appeal as a business and tourism hub further accelerated real estate demand for Emaar’s developments.
Emaar Development reported a net profit of AED751 million ($204 million) and a revenue of AED3.341 billion ($910 million) for the first quarter of 2019. Emaar Development’s total sales backlog increased to AED37.729 billion ($10.272 billion), underlining the strong financial fundamentals of the company and the remarkable revenue recognition to be achieved in the coming three to four years. Emaar has a global investor base of over 200 nationalities.
Mohamed Alabbar, Chairman of Emaar Development and Emaar Properties, said: “The positive performance of Emaar Development is led by our UAE development strategy that focusses on four pillars: leveraging strength of our master developments; product innovation to offer unique products for millennials and new generation of customers; reaching out to international customers; and well-planned execution and delivery.”