EMAAR WITNESSED PROLIFIC GROWTH
Emaar Properties is one of the biggest listed developer names in Dubai that has recorded a threefold increase in Q1 2022. It generated higher sales revenue when the UAE property market was recovering from the pandemic effect. The weakened property market of Dubai was improved by fiscal and monetary measures. The market is registered with 26000 properties approximately.
Q1 2022 has shown a tremendous and in fact giant growth in comparison to Q1 2021.
- Emaar properties have witnessed an increase of 241% of Dhs2.239bn ($610m) from Dhs657m ($179m). It is a huge jump that a builder can witness exactly in a year.
- An increase of 12% has been marked in the Q1 2022 revenue which stands at Dhs6.635bn ($1.806bn) which was Dhs5.921bn ($1.612bn) in Q1 2021.
- An increase of 17% has been marked in Q1 2022 in Group property sales with Dhs8.332bn ($2.268bn) which was Dhs7.115bn ($1.937bn) in Q1 2021.
- Considering some savings and revenue the property sales backlog of Dhs45.24bn ($12.317bn) was observed at the end of Q1 2022.
Mohamed Alabbar, the founder of Emaar Properties, said:“We have increased our share in key markets of Egypt and India, capturing the strong increase in demand in these economies. Going forward, Emaar will also continue to capitalize on the very attractive supply and demand dynamics in hospitality and shopping malls, which have recorded a solid performance in the first quarter of this year.”
“Emaar is well-positioned to efficiently implement its clearly defined strategy and to generate attractive and sustainable returns for all stakeholders. The future growth and long-term shareholder value will be laid by digital transformation, new product innovation, and market penetration.”
