Dubai: Emaar Development, the UAE’s premier property development company, maintained strong momentum during the third quarter of 2024. Property sales rose by 66 percent to AED 48 billion (US$ 13.1 billion) during the first nine months of 2024, compared to AED 28.9 billion (US$ 7.9 billion) for the same period in 2023.

According to Emirates News Agency, the success of 50 project launches across all the masterplans during the first nine months of 2024 underscores Emaar’s market leadership and positions the company for sustained future growth. In this period, Emaar Development reported a revenue of AED 12.5 billion (US$ 3.4 billion) and an EBITDA of AED 6 billion (US$ 1.6 billion), reflecting increases of 69 and 35 percent compared to the first nine months of 2023, respectively.

With a continued uptrend in sales, Emaar’s sales backlog has reached AED 83.7 billion (US$ 22.8 billion), which is 47 percent higher than December 2023, and is expected to be recognised as revenue in the coming years. Mohamed Alabbar,
founder of Emaar, commented on the performance, highlighting the confidence and trust that customers place in Emaar’s vision. He emphasized the company’s strategy to innovate, create experiences that resonate with evolving lifestyles, and drive growth aligning with Dubai’s ambitions.