Emaar Properties, Dubai’s largest listed developer, reported that its net profit more than doubled in the third quarter thanks to strong property sales.
Net profit for the three months to the end of September rose to Dh1.02 billion ($277 million), compared with a net profit of Dh359m in the same period last year, the developer said in a statement to the Dubai Financial Market, where its shares are traded.
Revenue rose 65 per cent to Dh6.8bn during the third quarter of 2021, compared with Dh4.13bn a year earlier.
The resilience of Dubai’s property market is a testament to the UAE’s enduring strength and robust economic performance in 2021
Emaar statement
The developer registered a twofold increase in property sales to a record Dh26.15bn in the first nine months of 2021 versus the same period last year, led by its UAE development business and complemented by its international operations, according to the statement.
Domestic property sales from January until the end of September reached Dh20.99bn, which is five times the value of UAE property sales achieved for the same period last year, according to the filing.
Revenue rose 57 per cent during the first nine months to Dh19.3bn, compared with Dh12.35bn during the same period in 2020, Emaar Properties said.
Net profit for the first nine months of 2021 stood at Dh2.58bn, 25 per cent higher than the corresponding period last year.
The UAE's property market, which softened after a three-year oil price slump that began in 2014 and subsequent oversupply concerns, is showing signs of a revival as people look to upgrade to larger spaces amid a rise in remote working and learning owing to the pandemic.
Dubai recorded 37,537 sales transactions worth Dh88.12bn in the eight months of this year, up 22.61 per cent compared with the whole of last year, according to the listings portal Property Finder.
“The resilience of Dubai’s property market is a testament to the UAE’s enduring strength and robust economic performance in 2021,” an Emaar statement said.
“These results are not by chance; they are a collective effort and the result of a shared commitment to setting the benchmark for others to follow.”
Emaar’s international operations recorded property sales of Dh5.16bn in the first nine months of 2021, a growth of 50 per cent compared with Dh3.44bn in the corresponding period last year, the filing showed.
Emaar’s international businesses recorded revenue of Dh2.99bn, representing 15 per cent of Emaar’s total revenue, underpinned by successful operations in Egypt, India and Pakistan, Emaar said.
The Burj Khalifa developer now has a property sales backlog of Dh46.9bn, which will be recognised as future revenue for Emaar Properties in the coming three to four years.
Emaar has handed over more than 79,800 residential units in Dubai and key international markets, with more than 25,000 units currently under development in the UAE and 11,000 units in global markets.
Emaar Development, the development arm of Emaar Properties, recorded property sales worth Dh7.12bn during the third quarter, more than six times the sales achieved during the same period last year.
The company achieved revenue of Dh3.85bn and net profit of Dh872m during the three months to the end of September, which grew 66 per cent and 170 per cent, respectively, compared with a year earlier, according to the filing.
Emaar Malls, a unit of Emaar Properties which owns and operates outlets including The Dubai Mall and Dubai Marina Mall, reported a net profit of Dh1.07bn in the first nine months of this year owing to higher revenue as Dubai’s retail sector continued to benefit from an improving economy.
Revenue rose to Dh3.19bn, the company said, adding that Emaar Malls’ assets maintained occupancy levels of 91 per cent.
Emaar Malls’ e-commerce platform Namshi recorded sales worth Dh1.01bn from January to the end of September, backed by its performance in Saudi Arabia, Kuwait and other GCC countries, along with its launch in Qatar earlier this year.
The hospitality, leisure, entertainment and commercial leasing businesses of Emaar recorded revenue of Dh1.6bn for nine months, an increase of 39 per cent over a year earlier.
Hotels under Emaar Hospitality Group boasted average occupancy levels of 62 per cent during this period, the company said.
TEACHERS' PAY - WHAT YOU NEED TO KNOW
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Fasset%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2019%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Mohammad%20Raafi%20Hossain%2C%20Daniel%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%3C%2Fstrong%3E%20%242.45%20million%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2086%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-series%20B%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Investcorp%2C%20Liberty%20City%20Ventures%2C%20Fatima%20Gobi%20Ventures%2C%20Primal%20Capital%2C%20Wealthwell%20Ventures%2C%20FHS%20Capital%2C%20VN2%20Capital%2C%20local%20family%20offices%3C%2Fp%3E%0A
The specs
The specs: 2019 Audi Q8
Price, base: Dh315,000
Engine: 3.0-litre turbocharged V6
Gearbox: Eight-speed automatic
Power: 340hp @ 3,500rpm
Torque: 500Nm @ 2,250rpm
Fuel economy, combined: 6.7L / 100km
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Indoor cricket in a nutshell
Indoor Cricket World Cup – Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
The specs
Engine: 3.0-litre 6-cyl turbo
Power: 435hp at 5,900rpm
Torque: 520Nm at 1,800-5,500rpm
Transmission: 9-speed auto
Price: from Dh498,542
On sale: now
UAE currency: the story behind the money in your pockets
Read more from Mina Al-Oraibi
More from Rashmee Roshan Lall
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
if you go
The flights
Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.
The hotel
Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.
The tour
Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
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MOST%20POLLUTED%20COUNTRIES%20IN%20THE%20WORLD
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White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
WISH
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