Domestic property sales for 2021 saw a sharp growth of 335 percent over 2020, reaching $7.492bn with founder Alabbar saying Emaar ‘set to continue to benefit from the fundamental shifts occurring within the real estate market

In what is the highest-ever property sales recorded by the company since its incorporation in 1997, Emaar Properties announced a significant increase in property sales of 209 percent, reaching AED33.762bn ($9.192bn), compared to 2020 sales of AED10.902bn ($2.968bn).

Domestic property sales for 2021 saw a sharp growth of 335 percent over 2020, reaching to AED27.517bn ($7.492bn). The property developer has handed over more than 81,600 residential units in Dubai and international markets since 2002, and currently, over 24,500 units are under development in the UAE and 10,700 units in global markets.

Emaar’s 2021 revenue stood at AED 28.270bn ($7.697bn), an increase of 57 percent compared to 2020, following the improved performance of recurring revenues from its shopping malls, retail and hospitality businesses.

The developer reported an 80 percent growth in net profit reaching AED3.800bn ($1.035bn) for 2021 compared to the net profit of AED 2.109bn ($574m) in 2020 and a sales backlog of AED46.057bn ($12.539bn), which will be recognised as future revenue for Emaar Properties.

“Emaar’s portfolio of prime, highly sustainable assets is set to continue to benefit from the fundamental shifts occurring within the real estate market as well as the company’s approach to portfolio optimisation,” said Mohamed Alabbar, founder of Emaar Properties

“Emaar has a substantial development pipeline and landbank, which, when combined with its high-quality loyal customer base and expanding talented and dedicated team, leaves Emaar well-positioned to execute on its clearly defined strategy and to successfully deliver attractive, sustainable returns for all stakeholders. As one of the most dynamic and growing markets in the world, Dubai’s property market is a testament to the strength and resilience of the UAE as a nation and Emaar is proud to lead the way forward,” he continued.

Highlighting the global property market’s recovery from the pandemic, the property developer’s international operations continued to improve their results and recorded property sales of AED6.244bn ($1.700bn) in 2021 compared to AED4.581 billion ($1.247bn) in 2020, a growth of over 36 percent.

The Dubai developer’s international businesses achieved revenues of AED5.096bn ($1.387bn), which grew by 66 percent compared to 2020, representing 18 percent of Emaar’s total revenue led by Egypt, India and Pakistan.

Emaar Malls recorded 2021 revenues of AED4.988bn ($1.358bn) with a net profit of AED1.832bn ($499m), representing growth of 42 percent and 160 percent respectively, compared to 2020.

Dubai Hills Mall, located within Dubai Hills Estate, is set to open in the first quarter of the year and in Dubai Mall, the Chinatown development is underway and due to launch in late 2022.

Emaar leads the way

E-commerce fashion and lifestyle platform Namshi recorded sales of AED1.541bn ($420m) during 2021 following growth in Saudi Arabia, Kuwait and other GCC countries, along with its launch in Qatar in early 2021.

The hospitality, leisure, entertainment, and commercial leasing businesses of the company recorded revenue of AED2.584bn ($704m) in 2021, marking an increase of 60 percent over 2020. Hotels under Emaar Hospitality Group, including its managed hotels, had average occupancy levels of 66 percent during 2021, a testament to the resilience of Dubai’s tourism industry.

Emaar Entertainment launched Zabeel Sports District, located on the rooftop of The Dubai Mall Zabeel and Sky Views Observatory, located atop Address Sky View in Downtown Dubai, in the last quarter of 2021.

The company’s businesses of malls, hospitality, leisure, entertainment, and commercial leasing together achieved revenues of AED7.572bn ($2.062bn), representing 27 percent of the developer’s total revenue.

SOURCE: arabianbusiness.com