Emaar Properties, Dubai's largest listed developer, reported a 42 per cent annual jump in its nine-month profit on higher sales as the UAE property market continues to grow strongly.
Net profit for the nine months to the end of September climbed to Dh8.2 billion ($2.2 billion), the company said in a statement on Thursday to the Dubai Financial Market, where its shares are traded.
Group property sales for the period surged 16 per cent year-on-year to Dh31.1 billion, while revenue fell around 3 per cent annually to Dh18.4 billion.
The company's revenue backlog from property sales reached Dh69.5 billion as of September 30, according to the company.
“Our financial performance, underscored by recent credit rating upgrades, reflects our strategic investments and their ensuing returns,” Mohamed Alabbar, founder of Emaar said.
In June, S&P Global Ratings upgraded Emaar Properties' long-term issuer credit rating based on expectations of more robust business performance.
The company's credit rating was upgraded to “BBB” from “BBB-", with a stable outlook.
Dubai's property market rebounded strongly from the coronavirus-induced slowdown on the back of government initiatives and a broader growth in UAE’s economy.
Dubai recorded 116,116 new property transactions worth about Dh429.6 billion in the first nine months of 2023, according to the latest data from the Dubai Land Department.
Total transactions surged 33.8 per cent on an annual basis, while values rose more than 36.7 per cent during the period.
In the third quarter of this year, average residential property prices across Dubai grew by 19 per cent on an annual basis and 5 per cent when compared to the previous quarter, according to a recent Knight Frank Report.
The consultancy expects property prices to continue to rise next year.
Emaar Development, a majority-owned subsidiary specialising in build-to-sell property development business, recorded property sales of Dh28.9 billion during the first nine months of 2023, up 25 per cent over the same period in the previous year, the company said.
Its revenue during the period reached Dh7.4 billion, while earnings before interest, taxes, depreciation and amortisation (ebitda) grew 36 per cent annually to Dh4.5 billion.
Emaar's shopping mall, retail, and commercial leasing operations, meanwhile, reported a revenue of Dh4.3 billion in the first nine months of this year, according to the statement. Its mall assets achieved an average occupancy rate of 97 per cent.
Emaar’s international real estate operations, which represent more than 11 per cent of Emaar’s total revenue, recorded property sales of Dh2.2 billion with revenue totalling Dh2.1 billion during the period. This was primarily driven by operations in Egypt and India, the company said.
In the first nine months of 2023, Emaar’s hospitality, leisure, and entertainment divisions generated Dh2.5 billion in revenue, up 22 per cent compared to the same period last year amid a steady recovery in the tourism sector and strong domestic spending.
Dubai welcomed 8.55 million international visitors in the first six months of 2023, exceeding the pre-pandemic figure of 8.36 million tourists in the first half of 2019, according to official figures.
Emaar’s UAE hotels, including those under management, reported an average occupancy of 70 per cent in the first nine months of 2023.
Emaar's recurring revenue from malls, hospitality, leisure, entertainment, and commercial leasing rose 26 per cent annually to Dh6.8 billion during the period, the company said.
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Stage result
1. Pascal Ackermann (GER) Bora-Hansgrohe, in 3:29.09
2. Caleb Ewan (AUS) Lotto-Soudal
3. Rudy Barbier (FRA) Israel Start-Up Nation
4. Dylan Groenewegen (NED) Jumbo-Visma
5. Luka Mezgec (SLO) Mitchelton-Scott
6. Alberto Dainese (ITA) Sunweb
7. Jakub Mareczko (ITA) CCC
8. Max Walscheid (GER) NTT
9. José Rojas (ESP) Movistar
10. Andrea Vendrame (ITA) Ag2r La Mondiale, all at same time
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Company%20profile
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ESSENTIALS
The flights
Emirates, Etihad and Swiss fly direct from the UAE to Zurich from Dh2,855 return, including taxes.
The chalet
Chalet N is currently open in winter only, between now and April 21. During the ski season, starting on December 11, a week’s rental costs from €210,000 (Dh898,431) per week for the whole property, which has 22 beds in total, across six suites, three double rooms and a children’s suite. The price includes all scheduled meals, a week’s ski pass, Wi-Fi, parking, transfers between Munich, Innsbruck or Zurich airports and one 50-minute massage per person. Private ski lessons cost from €360 (Dh1,541) per day. Halal food is available on request.
The specs: 2018 Renault Koleos
Price, base: From Dh77,900
Engine: 2.5L, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 170hp @ 6,000rpm
Torque: 233Nm @ 4,000rpm
Fuel economy, combined: 8.3L / 100km
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
'Joker'
Directed by: Todd Phillips
Starring: Joaquin Phoenix
Rating: Five out of five stars
Brief scoreline:
Manchester United 0
Manchester City 2
Bernardo Silva 54', Sane 66'
Killing of Qassem Suleimani
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
The biog
First Job: Abu Dhabi Department of Petroleum in 1974
Current role: Chairperson of Al Maskari Holding since 2008
Career high: Regularly cited on Forbes list of 100 most powerful Arab Businesswomen
Achievement: Helped establish Al Maskari Medical Centre in 1969 in Abu Dhabi’s Western Region
Future plan: Will now concentrate on her charitable work
57%20Seconds
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COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
UAE currency: the story behind the money in your pockets
Al Jazira's foreign quartet for 2017/18
Romarinho, Brazil
Lassana Diarra, France
Sardor Rashidov, Uzbekistan
Mbark Boussoufa, Morocco
Killing of Qassem Suleimani
Killing of Qassem Suleimani
Company%20profile
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Our legal advisor
Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.
Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation.
Education: Sagesse University, Beirut, Lebanon, in 2005.
Three ways to get a gratitude glow
By committing to at least one of these daily, you can bring more gratitude into your life, says Ong.
- During your morning skincare routine, name five things you are thankful for about yourself.
- As you finish your skincare routine, look yourself in the eye and speak an affirmation, such as: “I am grateful for every part of me, including my ability to take care of my skin.”
- In the evening, take some deep breaths, notice how your skin feels, and listen for what your skin is grateful for.
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Three tips from La Perle's performers
1 The kind of water athletes drink is important. Gwilym Hooson, a 28-year-old British performer who is currently recovering from knee surgery, found that out when the company was still in Studio City, training for 12 hours a day. “The physio team was like: ‘Why is everyone getting cramps?’ And then they realised we had to add salt and sugar to the water,” he says.
2 A little chocolate is a good thing. “It’s emergency energy,” says Craig Paul Smith, La Perle’s head coach and former Cirque du Soleil performer, gesturing to an almost-empty open box of mini chocolate bars on his desk backstage.
3 Take chances, says Young, who has worked all over the world, including most recently at Dragone’s show in China. “Every time we go out of our comfort zone, we learn a lot about ourselves,” she says.
Scoreline
Arsenal 0 Manchester City 3
- Agüero 18'
- Kompany 58'
- Silva 65'
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Sweet%20Tooth
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Essentials
The flights
Emirates, Etihad and Malaysia Airlines all fly direct from the UAE to Kuala Lumpur and on to Penang from about Dh2,300 return, including taxes.
Where to stay
In Kuala Lumpur, Element is a recently opened, futuristic hotel high up in a Norman Foster-designed skyscraper. Rooms cost from Dh400 per night, including taxes. Hotel Stripes, also in KL, is a great value design hotel, with an infinity rooftop pool. Rooms cost from Dh310, including taxes.
In Penang, Ren i Tang is a boutique b&b in what was once an ancient Chinese Medicine Hall in the centre of Little India. Rooms cost from Dh220, including taxes.
23 Love Lane in Penang is a luxury boutique heritage hotel in a converted mansion, with private tropical gardens. Rooms cost from Dh400, including taxes.
In Langkawi, Temple Tree is a unique architectural villa hotel consisting of antique houses from all across Malaysia. Rooms cost from Dh350, including taxes.
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
