UAE’s Emaar records sales of Dhs 17.67 billion in the first half of 2022


Emaar Properties announced that it achieved a profitable first half, supported by robust real estate sales and growth in the performance of recurring revenue activities.

Driven by the solid performance of its core property development business and complemented by growing recurring revenue operations, Emaar recorded solid first-half revenue of MAD 13.575 billion ($3.696 billion), representing growth 10% compared to the first half of 2021.

Earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 66% to reach Dhs 6.112 billion (USD 1.664 billion) compared to the first half of 2021, thanks to an increase in revenues with improved margins and continued cost optimization.

Emaar’s successful launch of properties, both in the UAE and international markets, and the focus on sales of projects under construction has enabled Emaar to achieve record property sales of Dhs 17.672 billion ( $4.811 billion) in the first half, an increase of 5%. compared to the sales of the first half of 2021 of 16.842 billion Dhs (4.585 billion dollars).

During the second quarter of 2022, Emaar recorded a 53% increase in EBITDA to Dhs 2.932 billion ($798 million) compared to an EBITDA of Dhs 1.922 billion ($523 million) during the same period of 2021.

Emaar’s second quarter 2022 revenue was Dh6.940 billion ($1.889 billion), an 8% increase from second quarter 2021 revenue of Dh6.439 billion ($1.753 billion).

The strong real estate sales backlog of Dhs 47.982 billion ($13.063 billion) at the end of the first half of 2022 reflects Emaar’s solid financial situation.

A spokesperson for Emaar said: “We delivered strong results from Emaar in the second quarter by successfully continuing the momentum created during the first quarter of 2022. Thanks to the post-pandemic recovery of the real estate market and to the strong recovery of our shopping center, hospitality and retail assets which increased our profit in the second quarter of this year, compared to the same period in 2021. We continue to reap the benefits of long term investment term in people talent that we achieved last year across all aspects of our business, and Emaar is once again on track to generate attractive and sustainable returns for all stakeholders. »

“At the macro level, the growth of Dubai‘s economy and recent changes in areas such as corporate law and visa regulations are driving growth and attracting investment across many sectors, which indirectly increases demand for our products, underpinned by our constant focus on delivering high-quality products and quality experiences that exceed our customers’ expectations.


Emaar development: Emaar Development, the build-for-sale property development company in the United Arab Emirates, majority-owned by Emaar Properties, maintained strong property sales momentum in Dubai, recording the highest ever property sales in the first half of the year at 15.216 billion of Dhs (4.143 billion dollars), or 10% more than the same period in 2021. Emaar Development recorded a turnover in the first half of 2022 of 7.282 billion Dhs (1.983 billion dollars) and recorded a growth of 15% of EBITDA to 2.564 billion Dhs (698 million dollars).

Emaar International: Emaar’s international real estate operations recorded real estate sales of Dhs 2.428 billion ($661 million) in the first half of 2022 and generated revenues of Dhs 2.068 billion ($563 million), representing 15% of the Emaar’s total revenue, mainly thanks to successful operations in Egypt and India.

Management of Emaar shopping centers: Led by record tenant sales in the first half of 2022 at The Dubai Mall, surpassing pre-Covid tenant sales of 2019, Emaar Malls Management, the wholly owned shopping malls and retail subsidiary of Emaar Properties, has recorded a 30% growth in its turnover in the first half of 2022 compared to the same period last year, reaching 2.661 billion Dhs (725 million dollars). Emaar Mall Management achieved first-half EBITDA of Dhs 1.644 million ($448 million), up 66% from the first half of 2021. Rental occupancy of Emaar Malls Management assets stands at 94 %.

Dubai Hills Mall, launched on February 17, offers an array of world-class shopping, leisure and entertainment brands and has quickly become a beloved and iconic lifestyle destination in the city. At the end of the first half of 2022, the rental occupancy rate was 84%, composed of both international brands and local concepts.

Hospitality, leisure and entertainment: Emaar’s hospitality, leisure, entertainment and commercial leasing businesses recorded revenue of Dhs 1.564 million ($426 million) for the first half of 2022, growing more than 93% compared to compared to the first half of 2021. levels of 71 percent.

Emaar’s recurring revenue generating businesses in shopping malls, hospitality, leisure, entertainment and commercial leasing together achieved revenue of Dhs 4.224 billion ($1.150 billion) and EBITDA of 2.955 billion Dhs (805 million dollars), registering a growth of 48% and 78 percent respectively compared to the same period last year. These activities represent respectively 31% and 48% of Emaar’s total revenue and EBITDA.


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