DUBAI, 14th February, 2020 (WAM) — Emaar Properties announced a significant increase in real estate sales by 209 percent to reach 33.762 billion dirhams (9.192 billion US dollars), compared to 2020 sales of 10,902 billion dirhams (2.968 billion US dollars), which indicates continued Investor confidence in the Emaar brand This is the highest rate of real estate sales ever recorded by Emaar since its inception in 1997.
Emphasizing the strong performance of its real estate business, in addition to the strong performance of recurring revenues from shopping malls, retail and hospitality businesses, Emaar’s revenues amounted to 28.270 billion dirhams in 2021 (US$ 7.697 billion), an increase of 57 percent compared to 2020.
Emaar announced a net profit of 3.800 billion dirhams ($1.035 billion) for the year 2021, compared to a net profit of 2.109 billion dirhams ($574 million) in 2020, a growth of 80%.
With a strong sales backlog of AED 46.057 billion ($12,539 billion), which will be recognized as future revenue for Emaar Properties, the backlog reflects the strength of Emaar’s financial position to maintain high revenue, profitability and shareholder return for the foreseeable future.
Mohamed Alabbar, founder of Emaar Properties, said: “Emaar’s portfolio of key and highly sustainable assets is set to continue to benefit from fundamental shifts occurring in the real estate market as well as the company’s approach to portfolio optimization. The high quality and expansion of its talented and dedicated team leaves Emaar well positioned to successfully implement its clearly defined strategy and deliver attractive and sustainable returns to all and its stakeholders.
Emaar has delivered more than 81,600 housing units in Dubai and international markets since 2002, which reflects strong implementation capabilities to implement projects. Currently, there are more than 24,500 units under development in the UAE and 10,700 units in international markets.
Emaar Development Company (DFM: EMAARDEV), the developer of real estate built for sale in the United Arab Emirates, majority owned by Emaar Properties, achieved the highest real estate sales ever in Dubai during 2021, registering an increase of 335 percent to reach 27,440 billion dirhams / 7471 billion US dollars. Compared to real estate sales for the year 2020, which amounted to 6308 billion dirhams (1.717 billion US dollars).
Emaar Development also achieved revenues of 15,602 billion dirhams (4.248 billion US dollars), and a net profit of 3,244 billion dirhams (883 million US dollars), which grew by 60% and 96% compared to 2020, respectively.
Emaar International’s operations continued to improve its operating results and recorded real estate sales of 6.244 billion dirhams ($1.700 billion) in 2021, compared to 4.581 billion dirhams ($1.247 billion) in 2020, a growth of more than 36%, which highlights the positive recovery of the market. Real estate in addition to the significant interest in Emaar’s international operations and establishes Emaar as a trusted master developer.
Emaar International’s business achieved revenues of 5.096 billion dirhams (US$ 1.387 billion), which grew by 66 percent compared to 2020, and represents 18 percent of Emaar’s total revenues. Egypt, India and Pakistan lead the performance of international operations.
Starting from 2020, with a much stronger position, Emaar Malls recorded 2021 revenues of 4.988 billion dirhams (US$ 1.358 billion) and a net profit of 1.832 billion dirhams (499 million US dollars), which represents a growth of 42% and 160%, respectively, compared to 2020. Emaar Malls assets maintained a healthy occupancy level of 87%.
In 2022, shoppers can look forward to the upcoming opening of the Dubai Hills Mall in the first quarter, which is located within the original area of Dubai Hills Estate, while the Chinatown development is underway in The Dubai Mall, which is scheduled for launch in late 2022.
Namshi, the fashion and lifestyle e-commerce platform from Emaar Malls, recorded sales of 1.541 billion dirhams (US$420 million) in 2021. Qatar in early 2021.
The hospitality, leisure and commercial leasing business of Emaar also recorded revenues of 2.584 billion dirhams (US$704 million) in 2021, an increase of 60% over 2020, and the hotels affiliated with Emaar Hospitality Group, where occupancy levels reached 66% during 2021, which is in fact evidence of The resilience of Dubai’s tourism industry.
Emaar Entertainment celebrated the launch of two stunning entertainment destinations in the fourth quarter of 2021: Zabeel Sports District located on the rooftop of The Dubai Mall Zabeel and Sky Views Observatory, the city’s newest observatory located above Address Sky View in Downtown Dubai.
Emaar’s recurring and revenue-generating business from shopping malls, hospitality, entertainment and commercial leasing together generated revenues of AED 7.572 billion (US$ 2.062 billion), representing 27% of Emaar’s total revenue.