Emaar Development’s quarterly sales rose fifty-one percent to AED 5.902 billion ($1.607 billion) in Q1 2019, up from AED 3.908 billion ($1.064 billion) the year before, driven by a robust performance of Dubai’s property market.
According to Emaar Development – the build-to-sell property development business of Emaar Properties – net income throughout the same amount totaled AED 751 million ($204 million) with a revenue of AED 3.341 billion ($910 million).
Over the course of the first quarter, eight comes were launched with a total price of AED 4.362 billion ($1.188 billion).
Emaar Malls, hospitality & leisure, entertainment, and commercial leasing businesses saw a record Q1 2019 revenue of $494m (AED1.816bn), which means they currently account for thirty-one percent of total cluster revenue.
Emaar’s shopping malls in Dubai recorded a three percent soar in traveler’s numbers at thirty-six million throughout Q1 2019 compared to thirty-five million guests during the same amount last year. The malls conjointly saw a four % growth in revenue to $293m (AED1.075bn).
Sales to non-UAE residents pictured forty-five percent of the total sales recorded, with keen interest from investors in Saudi Arabia, China, the U.K., and the Asian nation.
Mohamed Alabbar, chairman of Emaar Properties, said the global sales highlight Dubai’s position as “one of the most dynamic and growing market economies.”
Emaar said growth in the knowledge economy and the vibrancy of the city were also key drivers of the rise in sales.
Among the launches were Arabian Ranches III, four phases of Emaar South, the chief Residences at Dubai’s Hills Estates, and several other residential complexes inside Dubai Creek Harbour.
The company’s sales backlog rose to AED 37.729 billion ($10.272 billion) throughout the quarter.
“The positive performance of Emaar Development is due to our UAE development strategy that focuses on four pillars: leverage the strength of our master developments; product innovation to supply distinctive product for millennials and also the new generation of customers; reaching international customers; and a well-planned execution and delivery,” quoted by Mohamed Alabbar, chairman of Emaar Development.
Alabbar also stated that “Dubai’s strong economic performance, sturdy fundamentals, and promising future outlook and also the advanced policies to energize the property market, together with the supply of long-run visas, still drive capitalist interest, sanction the native U.S. to feature the consistent price for our stakeholders.”
Emaar is the world’s largest property company outside China, with an inclusive price of over $2.7 billion.