Built to inform

Sign up for the daily newsletters

No, Thank you

Dubai's Emaar posts 73% revenue hike as sales backlog hits $10bn

Net profits jump 67% to $1.5bn in 'remarkable' 2018 driven by 'strong Dubai property sales' in the UAE and abroad

2018 was a 'remarkable year' for property sales, Emaar said.
CW Archives
2018 was a 'remarkable year' for property sales, Emaar said.

Net profits at the development arm of Dubai's Emaar Properties jumped nearly 70% in 2018, driven by strong a sales performance in the UAE and internationally.

According to the Dubai-listed firm’s yearly financial results, net profit for 2018 at Emaar Development stood at $1.5bn (AED5.6bn), a 67% increase on 2017’s corresponding figure of $952.9m (AED3.3bn).

This growth was supported by strong yearly revenues of $4.2bn (AED15.4bn), a 73% increase on 2017's $2.4bn (AED8.9bn).

In a missive to the Dubai bourse, the group said: “Emaar Development had a remarkable year driven by strong Dubai property sales in the UAE and international markets, resulting in [a] sales backlog of $9.8bn (AED36bn), including [our] joint ventures and joint development agreements to be recognised as revenue over the coming years.”

The figures come amid a busy start to the year for Emaar, with its hospitality arm, Emaar Hospitality Group, completing the $598.4m (AED2.2bn) sale of five hotel assets to Abu Dhabi National Hotels in February.

Earlier this month, the Mohammed Alabbar-led Emaar Group announced that it will launch – in collaboration with Swiss technology firm Lykke – a blockchain-based digital currency for use across its real estate, malls, hospitality, entertainment, facilities management, and e-shopping businesses by the end of 2019.

Most popular

Awards

The road to gender equality in Middle East construction
The story behind the CW Awards' Rising Star accolade, each of which has to date

Conferences

Leaders Kuwait 2018: New Kuwait 2035 needs smart city-led contracts
Localisation and contract modernisation are essential for Kuwait's diversification strategy
Construction Week's Leaders Kuwait 2018 summit opens
Speakers from Kuwait's Supreme Council for Planning and Development and CSCEC ME are at today's

Latest Issue

Construction Week - Issue 737
Apr 14, 2019