Emaar Development, a prominent real estate development company in the United Arab Emirates, has announced a remarkable 66% growth in sales during the first nine months of 2024.
According to Amac News: Based on Emaar Development announcement, real estate sales reached 48 billion dirhams (approximately 13.1 billion US dollars) in this period, compared to 28.9 billion dirhams (about 7.9 billion US dollars) in the same timeframe in 2023.
In addition, Emaar Development reported a revenue of 12.5 billion dirhams (around 3.4 billion US dollars) and an EBITDA (earnings before interest, taxes, depreciation, and amortization) of 6 billion dirhams (approximately 1.6 billion US dollars) for the first nine months of 2024, reflecting increases of 69% and 35%, respectively, compared to the first nine months of 2023.
As sales continued to rise, Emaar's outstanding contracts reached 83.7 billion dirhams (about 22.8 billion US dollars), marking a 47% increase from December 2023, and these are expected to be recognized as revenue in the coming years.
Mohammad Al-Abar, founder of Emaar, stated, "Our performance during this period reflects the trust and confidence that our customers have in Emaar's vision."
Emaar Development, a subsidiary of Emaar Properties, is a leading private company specializing in the development and sale of properties in the UAE.