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Emaar Properties recorded sales for the first half of 2019 at AED 9.4 billion, up 52% from the same period in 2018, and one of the highest reported by the company in Dubai.
However, net profits during the same period declined to AED 3.1 billion from AED 3.2 billion in H1 2018 on the back of higher costs. The developer’s revenues also fell 4% to AED 11.5 billion in the first six months of 2019.
In a statement to Dubai Financial Market, Emaar Properties said its total sales backlog was AED 49.2 billion, which would be recognised as revenue in the next three to four years. The company has a land bank of 1.6 billion sq ft in multiple markets, with its international operations accounting for 15% of revenues during the first half of 2019.
The filing also showed that Emaar Properties’ expenses from sales, administration and marketing climbed 12% to AED 2.1 billion in the first half of the year.
“Our successful expansion to malls and hospitality, which complements the tourism sector of Dubai, too generates significant revenue. As a catalyst of the economy, and with our commitment to creating value, we will continue to strengthen our three core businesses, especially by leveraging the power of digital connectivity and engagement,” said Mohamed Alabbar, chairman of Emaar Properties.
Cavendish Maxwell is the MENA region’s leading firm of property consultants and chartered surveyors. If you are looking for professional real estate consultation or advice on property related matters, please view our services.
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BA (Hons) DipM
Head of Marketing
Sarah-Jane joined Cavendish Maxwell in January 2020 as Head of Marketing and is responsible for the development of the marketing strategy and execution across the Middle East region. An energetic and results driven marketer, Sarah-Jane possesses a wealth of multi-channel marketing experience, within both B2B and B2C environments which she has gained over a 25 year career. Prior to joining Cavendish Maxwell, Sarah-Jane held senior marketing positions for major developers in Dubai including Emaar, Dubai Properties and Dubai Sports City. She also worked for IWG as the Regional Marketing Director responsible for the MEA and APAC regions. Before relocating to the UAE in 2005, Sarah-Jane held various management roles in public and private sector companies in the UK including ten years at Royal Mail and seven years at the Bank of America.
Sarah-Jane is a member of the Chartered Institute of Marketing and has a BA(Hons) Degree in Business and Marketing