Emaar Development recorded on Monday a net profit of Dh751 million and a revenue of Dh3.341 billion for the first quarter of 2019.
Sales in the quarter surge 51 per cent to Dh5.902 billion as sales to international investors soared by 123, the developer said in a statement. The company, which is behind iconic freehold master-planned communities in Dubai including Emirates Living, Downtown Dubai, Dubai Marina and Arabian Ranches, said total sales backlog increased to Dh37.729 billion, "underlining the strong financial fundamentals of the company and the remarkable revenue recognition to be achieved in the coming three to four years.”
The sales boom was underpinned by the exceptional sales of residences launched by the company. Sales to international investors more than doubled in to Dh2.645 billion compared to Dh1.187 billion in first quarter 2018, it said. In the first quarter, it launched eight new projects during first quarter with a total value of Dh4.362 billion.
"There was significant and continued interest from investors and end users, regionally and globally, led by the UAE residents and investors from Saudi Arabia, China, the UK and India, with investments by some of Emaar's customers doubling in the quarter. There was significant growth in sales to investors from Pakistan and Egypt. Sales to non-UAE residents represent over 45 per cent of total sales recorded highlighting the significant interest of international investors in Dubai real estate and the strength of Emaar brand," the company statement said.
Mohamed Alabbar, chairman of Emaar Development and Emaar Properties, said the positive performance was led by the company's UAE development strategy.
"Dubai's robust economic performance, strong fundamentals and promising future outlook and the forward-looking policies to energise the property market, including the provision of long-term visas, continue to drive investor interest, enabling us to add consistent value for our stakeholders," said Alabbar.
Several of Emaar Development's new launches of residential projects in Dubai recorded sell-out response. Among the key launches were Arabian Ranches III, a secure gated townhouse neighbourhood defined by several exceptional features including a central park, a 4-km long boulevard, a lazy river, a wide choice of outdoor sports facilities, community parks with play areas for children, as well as wellness and sports facilities for all.
"The unveiling of four phases of Expo Golf Villas in Emaar South, the green golf course mega-development located only 10 minutes from the Expo 2020 Dubai site and seven minutes from the Al Maktoum International Airport, also recorded sell-out investor response," it said. Emaar has a global investor base of over 200 nationalities and is the world's largest property company outside China, with a brand value of over $ 2.7 billion.
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