São Paulo – Emaar Development, Emaar’s real estate development arm, registered an increase of 62% in its net profit in this year’s Q1, according to the website Arabian Business. It went from AED 506 million (USD 138 million) in last year’s Q1 to AED 819 million (USD 223 million) in the same months of this year.
In a statement released this Monday (30), the company stated that its revenues nearly doubled with an increase of 95% in the period. It went from USD 1.67 billion in 2017’s Q1 to USD 3.27 billion in the same months of this year.
Emaar Development’s backlog now stands at AED 41 billion (USD 11 billion) with 27,200 residential units to be completed in the next five years. In this year’s Q1, the company sold over 2,500 residential units.
Among Emaar’s launchings in this year’s Q1 is the Emaar Beachfront, a private gated island destination in Dubai. The project includes 27 luxury towers, with the options of one, two, three or four bedrooms. Residents will have a private access to a 750-metre strip of beach.
Emaar currently has 10 ongoing projects in its portfolio. The company developed in the UAE some of the most modern and renowned ventures, such as the Dubai Mall and the Burj Khalifa, the world’s tallest skyscraper.
With our developments, we are bringing exceptional lifestyle choices that meet the aspirations of our new generation through future city hubs that add value to the economy,” said Emaar’s chairman, Mohamed Allabar, in a statement.
Translated by Sérgio Kakitani