Immars reports a 50% increase in sales in the first quarter of 2024.

A recent report from "Emaar Development" showed impressive results, demonstrating significant growth in its sales. The company's total sales amount to65.7 billion UAE dirhamsabout17.9 billion US dollars), which will be accounted for as income in the coming years. This confirms the company's stable position in the market and its ability to generate revenue.

Launching new projects

In addition to this, the company announced the launch of two new large-scale projects:Country Club and WellnessandGrand Polo Club and Resort, with a total area of141 million square feetIt is expected that the total cost of developing these projects will amount to96 billion UAE dirhamsApproximately26 billion US dollarsThese new initiatives highlight "Emaar Development's" strategic focus on creating high-quality housing.

Results of the first quarter of 2024

In the first quarter of 2024, covering the period from January to March, "Emaar Development" was able to achieve sales growth of50%, increasing their income to12.9 billion UAE dirhams($3.5 billion) compared to the figure of8.6 billion UAE dirhams($2.3 billion) for the same period last year. This growth was made possible by the successful launch of several new projects that will significantly increase revenues in the future and help the company implement strategic initiatives aimed at strengthening its reputation as a reliable developer.

New projects and acquisitions

In the first quarter of 2024, the company successfully launched10 new projectsas part of its key programs. One significant step included the acquisition of a land plot with an area of60 million square feetnext to the projectThe Oasisfor41 billion UAE dirhams(approx.11 billion US dollars). This acquisition complemented the deal for the purchase of another plot of land.81 million square feetcompleted in December 2023.

Additionally, "Emaar" announced plans to develop two large-scale projects on these land plots. The company's strategy includes the implementation ofCountry Club and WellnessandGrand Polo Club and Resortwhich will occupy a total area of approximately141 million square feetand have a combined development cost of96 billion UAE dirhams($26 billion).

Increase in profitability

According to the data, in the first quarter of 2024, "Emaar Development" showed a growth in profitability: the operating profit amounted to1.7 billion UAE dirhamsThis is about463 million US dollars), that on48%more compared to the same period in 2023. The total amount of accumulated sales for the company reached65.7 billion UAE dirhams($17.9 billion) that will be credited to revenues in the coming years.

Management comments

In a comment on these achievements, the founder of "Emaar," Mr. Mohammed Alabbar, noted: "The beginning of 2024 has reflected a successful financial outcome for us. We have demonstrated outstanding sales capabilities and are constantly striving to improve our operational processes, as evidenced by the accumulated sales of current projects. Our strategic position fosters accelerated growth and creates invaluable capital for our shareholders, enhancing our contribution to the economy of Dubai."

Prospects of Dubai

Dubai's location remains key for trade, financial services, logistics, and tourism, making it attractive to investors and professionals. Dubai continues to develop in new areas such as technology, renewable energy, healthcare, and education. This creates enormous growth opportunities, as evidenced by Emaar's strong sales figures for the first quarter of 2024.