Emaar Development has reported a 56 percent increase in property sales for the first half of 2024.

Sales reached AED29.7 billion ($8.1 billion), up from AED19 billion ($5.2 billion) in the same period of 2023.

The company’s performance is attributed to successful property launches, which have established a strong revenue pipeline and aligned with its strategic objectives.

“In the first half of 2024, Emaar has demonstrated remarkable resilience and outstanding performance. Our financial results highlight our strategic acumen and the dedication of our entire team. The increasing demand reflected in our growing backlog speaks volumes about the trust our customers place in us. By continuing to enhance operational efficiencies and being firm to our strategic vision, we are committed to delivering exceptional value to our shareholders and contributing meaningfully to Dubai’s economic growth,” Founder Mohamed Alabbar said.

The company’s recent acquisition of a 60 million square feet land plot near The Oasis masterplan, valued at AED41 billion ($11 billion), complements its previous purchase of 81 million square feet in December 2023.

The firm has announced two major developments on these lands: The Heights Country Club & Wellness and Grand Polo Club & Resort, covering a combined 141 million square feet with a development value of AED96 billion ($26 billion).

In the second quarter of 2024, Emaar launched the second phase of its masterplan, ‘The Valley’.

These initiatives are part of Emaar’s strategy to provide luxury living experiences and are expected to enhance sales and profitability through the launch of villas and townhouses.

For the first half of 2024, Emaar reported revenue of AED7.3 billion ($2 billion) and an EBITDA of AED3.4 billion ($922 million), reflecting increases of 65 percent and 47 percent respectively compared to the first half of 2023.

The company currently has a sales backlog of AED74.2 billion ($20.2 billion), which will contribute to future revenue.