Net profit of Emaar Properties rose up to 15 % in H1 2023

Emaar Properties recorded H1 2023 revenues of AED 12.3B (USD 3.3B) and its group property sales rose up to 14 % y-o-y, amounting to AED 20.2B (USD 5.5B). Net profit of the company increased by 15 % in comparison to the same period in 2022, standing at AED 4.9B (USD 1.3B).

According to Mohamed Alabbar, founder of the company, such a strong performance demonstrates the ongoing commitment to sustained growth and the focus of meeting the needs of new and existing clients. Thanks to its customer-centric approach, Emaar Properties has strong returns, which boost growth and improve operations.

Emaar Development, which is a majority-owned subsidiary, has released 16 new developments in the UAE. These include The Oasis, which is a lagoon mega-community with luxury villas and townhouses in 3–6 bedroom configurations. There will be more than 7,000 residences surrounded by scenic nature and premium amenities. The property sales of Emaar Development grew by 25 % y-o-y and reached AED 19B (USD 5.2B) thanks to ongoing demand for upscale real estate in the emirate.

According to The National, as Emaar Properties keeps dominating Dubai’s real estate market, it could generate AED 485B (USD 132B) from the sale of its development portfolio by 2040. As stated by the Egyptian investment bank EFG Hermes, about 32 % of the company’s total portfolio will be sold in the coming 5 years.