“Never stop learning, never stop innovating – and just never stopping,” said Mohamed Alabbar, the Founder and Chairman of Emaar, during an exclusive interview with Arabian Business.
In the first quarter of 2023, Emaar Properties reported sales of $2.5 billion, benefiting from the increased demand for property assets in Dubai. These sales figures for Q1 are 11% higher than the corresponding period of the previous year.
Emaar had also announced a cash dividend of AED2.209 billion ($602 million) for its shareholders two months ago. The company’s earnings and net profit for 2022 exhibited significant growth, with an 18% increase to AED9.8 billion ($2.7 billion) and an 80% increase to AED6.8 billion ($1.9 billion), respectively, compared to 2021.
This growth was attributed to sustained revenue, improved margins, and effective cost management. During the interview, Alabbar claimed that Emaar has become arguably the top property brand globally.
He emphasised Emaar‘s commitment to quality and customer satisfaction, stating that their properties are not only well-built but also receive ongoing maintenance and care.
Alabbar mentioned that Emaar goes beyond expectations by providing additional services such as repainting houses, fixing garden trees, and even painting doors, all at the company’s expense. The significant increase in Q1 sales contributed to a 43% surge in net profit, with a revenue of $1.7 billion in the January-March quarter of this year.
Alabbar said Emaar was arguably now “the number one property brand in the world.”
Emaar Development’s strong sales performance
The bulk of its sales in the first quarter – $2.3 billion – came from its majority-owned subsidiary, Emaar Development. The company posted a 26% rise in its sales performance in the period, compared to the same year-ago period.
In the first quarter of 2023, Emaar Development delivered approximately 1,600 residential units in prime locations such as Dubai Hills Estate, Dubai Creek Harbour, Downtown Dubai and Emaar Beachfront.
Alabbar said: “We have been through so many economic cycles but our brand has remained strong. Yes, we keep a tight balance sheet and have a good cash flow, but to me, this journey has always been about creating and maintaining an incredible brand.”