Ranking 4: Mohamed Alabbar, Founder of Emaar Properties
Emaar Properties PJSC announced it has achieved significant increased property sales underscoring investors’ continued confidence in Emaar brand and recovery of Dubai real estate market. During the first quarter (January to March) of 2021, Emaar recorded an increase in group property sales of 83 per cent to AED 7.115 billion compared to the Q1 2020 group property sales of AED 3.887 billion. The property sales were even higher than Q1 2019 by 6%. Backed by robust property sales, Emaar’s Q1 2021 revenue stood at AED 5.993 billion, an increase of 12 per cent compared to Q1 2020 revenue of AED 5.328 billion. Emaar reported net profit of AED 657 million for Q1 2021 compared to the net profit of AED 609 million during the same period in 2020, a growth of 8 per cent. With a solid sales backlog of AED 41.805 billion, which will be recognised as future revenue for Emaar Properties, the backlog reflects the strength of Emaar’s financial position to preserve high revenue, profitability and shareholders’ return in the foreseeable future. Mohamed Alabbar, Founder of Emaar Properties, said: “As one of the most dynamic and growing markets in the world, Dubai’s property market resilience is a testament to its commitment to become one of the world’s best cities. We are dedicated to delivering properties in a timely manner and providing unparalleled residential developments that improve the lives of our residents and visitors. Within such a short space of time, Emaar has managed to achieve results that are comparable to 2019, before the pandemic affected businesses globally. Results are not by chance; they are a collective effort.” Emaar has handed over more than 74,500 residential units in Dubai and international markets, with more than 25,500 units currently under development in the UAE and 11,500 units in global markets. Setting new benchmarks in design, build quality, and innovation, Emaar consistently offers premium experiences and lifestyle opportunities across market segments.