"Construction" Achieved real estate sales of 13.5 billion dirhams, an increase of 47% in the first quarter
Dubai, May 14 / WAM / Emaar Properties achieved the highest quarterly real estate sales in its history, amounting to 13.5 billion dirhams ($3.7 billion), an increase of 47% compared to the first quarter of 2023.
Emaar Properties recorded revenues of approximately 6.7 billion dirhams ($1.8 billion) and net profits before taxes amounted to 4.3 billion dirhams ($1.2 billion), achieving a growth of 16%, compared to the same period of the previous year. The company’s performance is due to the growth witnessed by the tourism sector, retail sales, and the continued rise in demand for real estate projects in Dubai.”
The group’s accumulated sales volume from real estate projects under construction amounted to 78.3 billion dirhams (21.3 billion US dollars) as of March 2024, with an increase in growth of 9% since December 2023, indicating future revenues that will be recorded during the next four to five years.
Mohammed Al Abbar, founder of Emaar Properties, said: “Emaar began the current year with a good performance that expresses our approach based on sustainable growth and our firm commitment to ensuring customer satisfaction. We have directed our investments in a strategic manner aimed at achieving tangible results that contributed to generating stable returns. We are guided in our steps by a strategy.” “With clear definitions and a realistic methodology in dealing with business affairs, which ensures that we add greater value to all partners and investors.”
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