In the third quarter of 2024, Emaar Development, a real estate developer in the United Arab Emirates, maintained its rapid growth. The first nine months of 2024 saw a 66% increase in property sales to Dh48 billion ($13.1 billion) from Dh28.9 billion ($7.9 billion) for the same period in 2023.
The company has launched 50 projects across all master plans in the first nine months of 2024.
From January to September, Emaar Development reported revenue of Dh12.5 billion ($3.4 billion) and EBITDA of Dh6 billion ($1.6 billion), representing increases of 69% and 35%, respectively, over the same period in 2023.
Due to the company’s consistent sales growth, Emaar’s sales backlog has increased to Dh83.7 billion ($22.8 billion), 47% more than it was in December 2023. This backlog will be recognized as revenue in the years to come.
Mohamed Alabbar, founder of Emaar, commented: “Our performance this quarter reflects the confidence and trust that our customers place in Emaar’s vision. By continuing to innovate and stay ahead of market trends, we create experiences that resonate with evolving lifestyles.”
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