EMAAR DEVELOPMENT PJSC
About EMAAR DEVELOPMENT PJSC
Emaar Development PJSC (the “Company”) has operated as part of Emaar Properties since its inception in 1997. The Government of Dubai gifted Emaar Properties the initial components of its land bank in 1998. In 1999, Emaar Properties launched Emirates Living, the first major freehold integrated lifestyle masterplan community in Dubai. The second project, Dubai Marina, launched in 2000 and was shortly thereafter followed in 2002 and 2004 with the launch of the Emaar Properties’ desert-themed integrated lifestyle masterplan community, Arabian Ranches, and Downtown Dubai, its flagship community that combines commercial, residential, hotel, entertainment, shopping and leisure developments. The business of Emaar Properties was restructured to carve out the division and activities of real estate development out of Emaar Properties and transfer such division and activities to the Company since the latter is a subsidiary of Emaar Properties group.
After the successful carve out process and the transfer of the real estate development division and activities of Emaar Properties to the Company, the Company became the leading developer of integrated lifestyle masterplan communities in Dubai, which feature world-class residential and commercial property, shopping malls and other retail assets and high-end hospitality and leisure attractions. Redefining the traditional approaches to property development, the Company’s integrated lifestyle masterplan communities are distinguished by their world-class design, superior build quality, high quality finishes and wide range of amenities. Its integrated lifestyle masterplan concept combines retail, hospitality, leisure and other requirements of the Company’s residents within secure, well-maintained communities. In addition, the Company ensures through its collaboration with local regulators, utility companies and government agencies that the infrastructure necessary to support these residential communities, such as roads, power, water and sewage, landscaping and open recreational spaces, is in place. With the support of the Company’s parent company, Emaar Properties, the Company has developed some of Dubai’s most prestigious integrated lifestyle masterplan communities, including Emirates Living, the first major freehold community built in Dubai, and Downtown Dubai, one of the world’s most visited destinations.”
Latest Pressrelease Summaries from EMAAR DEVELOPMENT PJSC
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Dubai Financial Market News
News Update From EMAAR DEVELOPMENT PJSC
The text refers to the unaudited interim condensed consolidated financial statements of Emaar Development PJSC and its subsidiaries for the period ending on September 30, 2024.
Dubai Financial Market News
News Update From EMAAR DEVELOPMENT PJSC
Emaar Development reported a 66% increase in property sales during the first nine months of 2024, reaching AED 48 billion (US$ 13.1 billion), compared to the same period in 2023. Revenue grew by 69% to AED 12.5 billion (US$ 3.4 billion), and the sales backlog increased by 47% to AED 83.7 billion (US$ 22.8 billion). The company launched 50 projects, including "Lavita" at The Oasis, a luxury mansion community. Emaar's founder, Mohamed Alabbar, highlighted the company's focus on innovation and sustainable growth. Dubai's growing population and emerging sectors contribute to the region's economic expansion and demand for housing.
Dubai Financial Market News
News Update From EMAAR DEVELOPMENT PJSC
Dubai Financial Market News
News Update From EMAAR DEVELOPMENT PJSC
Emaar Development PJSC and its subsidiaries have released their unaudited interim condensed consolidated financial statements for the period ending June 30, 2024.
Dubai Financial Market News
News Update From EMAAR DEVELOPMENT PJSC
Emaar Development reported a 56% increase in property sales for the first half of 2024, reaching AED 29.7 billion (US$ 8.1 billion) compared to AED 19 billion (US$ 5.2 billion) in the same period of 2023. The company's sales backlog has grown to AED 74.2 billion (US$ 20.2 billion), to be recognized as revenue in the coming years. Emaar launched two major developments, The Heights Country Club & Wellness and Grand Polo Club & Resort, spanning 141 million square feet with a combined development value of AED 96 billion (US$ 26 billion). Additionally, Emaar purchased a 60 million square foot land plot near The Oasis masterplan, valued at AED 41 billion (US$ 11 billion). In Q2 2024, the second phase of "The Valley" masterplan was launched. Emaar reported a revenue of AED 7.3 billion (US$ 2 billion) and an EBITDA of AED 3.4 billion (US$ 922 million) for the first half of 2024, marking increases of 65% and 47% respectively compared to the first half of 2023. Mohamed Alabbar, Emaar's founder, highlighted the company's resilience, strategic success, and commitment to delivering value to shareholders and contributing to Dubai's economic growth.
Dubai Financial Market News
News Update From EMAAR DEVELOPMENT PJSC
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Dubai Financial Market News
News Update From EMAAR DEVELOPMENT PJSC
The text contains unaudited interim condensed consolidated financial statements for the period ending 31st March 2024, provided by Emaar Development PJSC and its subsidiaries. The document is intended for those interested in the financial performance of these companies.
Dubai Financial Market News
News Update From EMAAR DEVELOPMENT PJSC
Emaar Development reported a 50% increase in property sales in Q1 2024, reaching AED 12.9 billion (US$ 3.5 billion), compared to AED 8.6 billion (US$ 2.3 billion) in Q1 2023. The company's sales backlog increased to AED 65.7 billion (US$ 17.9 billion). Emaar Development also announced the launch of two major developments, The Heights Country Club & Wellness and Grand Polo Club & Resort, spanning over a total of 141 million square feet of land, with a combined development value of AED 96 billion (US$ 26 billion). The company's EBITDA in Q1 2024 was AED 1.7 billion (US$ 463 million), a 48% increase from Q1 2023.
Dubai Financial Market News
News Update From EMAAR DEVELOPMENT PJSC