Tag Archives: Dubai

EMAAR Properties Report Highest Ever Quarterly Sales

Dubai, United Arab Emirates – August X, 2021: Global property developer Emaar Properties PJSC (DFM: EMAAR) recorded robust performance in the first half of 2021, led by record property sales of AED 16.842 billion (US$ 4.585 billion). This represents a 229 per cent increase compared to the first-half 2020 property sales of AED 5.120 billion (US$ 1.394 billion). The remarkable performance was a result of Emaar’s concerted focus on sales of under-construction projects and the successful launch of properties both in the UAE and international markets.

record property sales of AED 16.842 billion (US$ 4.585 billion). This represents a 229 per cent increase compared to the first-half 2020 property sales of AED 5.120 billion (US$ 1.394 billion)

Led by robust performance of the property development business as well as mall and hospitality businesses, Emaar achieved revenue of AED 12.5 billion (US$ 3.403 billion) during the first half of 2021, 52 per cent higher than the H1 2020 revenue of AED 8.220 billion (US$ 2.238 billion). H1 2021 net profit stood at AED 1.560 billion (US$ 425 million) compared to AED 1.698 billion (US$ 462 million) in H1 2020, which included an exceptional income of AED 982 million (US$ 267 million), primarily relating to the sale of Emaar’s District Cooling business.

During the second quarter of the year (April to June 2021), Emaar recorded revenue of AED 6.507 billion (US$ 1.772 billion) which is 125 per cent higher than the same period last year and 9 per cent higher than the first quarter of 2021 (January to March). Net profit for Q2 2021 at AED 903 million (US$ 246 million) is 37 per cent higher than Q1 2021.

Mohamed Alabbar, Founder of Emaar, said, “Our performance in the second quarter demonstrates our continued resilience and ability to anticipate and ‘future-proof’ the business. Looking to the future, I am very optimistic about the remainder of the year as we maintain our focus on meeting and exceeding our customers’ expectations, delivering long-term, sustainable results across our business units, and collectively strengthening our organisation. This will ensure we continue to anticipate and meet customers’ rapidly evolving property and lifestyle demands, while improving the lives of residents and visitors alike.”

Mohamed Alabbar, Founder of Emaar, said, “Our performance in the second quarter demonstrates our continued resilience and ability to anticipate and ‘future-proof’ the business

Dubai continues to lead the way as a global hub for trade, financial services, logistics, travel, and hospitality, with emerging sectors such as technology, green energy, healthcare and education witnessing growth. The region continues to attract a large community of skilled professionals and investors who, in turn, invest in the region’s continuous growth potential, as reflected in Emaar’s record sales for Q2 2021.

Emaar has handed over more than 77,000 residential units in Dubai and international markets since 2002, with more than 25,700 units currently under development in the UAE and 11,000 units in global markets. Setting new benchmarks in design, build quality and innovation, Emaar consistently offers premium experiences and lifestyle opportunities across market segments, and its properties continue to remain sought-after by investors at home as well as abroad.

Emaar Development

Emaar Development PJSC (DFM: EMAARDEV), the UAE build-to-sell property development business, majority-owned by Emaar Properties, achieved its highest quarterly property sales on record of AED 7.942 billion (US$ 2.162 billion) during the second quarter (April-June) of 2021, recording over 21X growth over Q2 2020 property sales. In the first half of 2021, Emaar Development achieved property sales of AED 13.825 billion (US$ 3.764 billion), a growth of 328 per cent over H1 2020 property sales of AED 3.230 billion (US$ 879 million).

Supported by robust property sales, Emaar Development has achieved H1 2021 revenue of AED 7.755 billion (US$ 2.111 billion) and net profit of AED 1.512 billion (US$ 412 million), representing a growth of 61 per cent and 46 per cent, respectively, compared to the same period last year.

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Emaar International

In H1 2021, Emaar’s international businesses reported property sales of AED 2.993 billion (US$ 815 million), 59 per cent higher compared to the same period last year, led by operations in Egypt and India. Underpinned by successful incremental deliveries of projects in Egypt and India, Emaar’s international businesses recorded revenues of AED 1.749 billion (US$ 476 million), contributing 14 per cent to Emaar’s total revenue

Emaar Malls

Emaar Malls (DFM: EMAARMALLS), the shopping malls and retail giant, recorded revenue of AED 2.048 billion (US$ 558 million) in H1 2021, 23 per cent higher than the same period last year, backed by significant recovery of tenants’ retail sales. Overall net profit for the first half of 2021 amounted to AED 622 million (US$ 169 million), delivering strong growth in profitability of 80 per cent compared to net profit of AED 345 million (US$ 94 million) during the same period last year.

Revenue for Q2 2021 increased by 27 per cent to AED 1.147 billion (US$ 312 million), compared to the Q1 2021 revenue of AED 901 million (US$ 245 million). Emaar Malls’ assets maintained strong occupancy levels at approximately 91 per cent.

Emaar Malls’ e-commerce fashion and lifestyle platform, Namshi, a wholly owned subsidiary, recorded sales of AED 427 million (US$ 116 million) for Q2 2021, an increase of 65 per cent compared to Q1 2021. With the addition of over 240 new brands earlier this year, combined with exceptional demand during Ramadan and Eid, Namshi delivered impressive revenue for the first half of 2021 of AED 685 million (US$ 186 million). Namshi’s strong performance is credited to its persistent growth in Saudi Arabia, Kuwait and other GCC countries, along with its launch in Qatar in early 2021.

Emaar Hospitality, Leisure & Entertainment

The hospitality, leisure, entertainment and commercial leasing businesses of Emaar recorded revenue of AED 948 million (US$ 258 million) during H1 2021, 14 per cent higher than the same period last year. Hotels under Emaar Hospitality Group, including its managed hotels, achieved average occupancy levels of 63 per cent despite challenging market conditions and limited global travel.

Underlining the diversification of revenue streams, Emaar’s recurring revenue businesses of malls, hospitality, leisure, entertainment, and commercial leasing, together, achieved revenue of AED 2.996 billion (US$ 816 million), contributing 24 per cent to Emaar’s H1 2021 revenue.

ameerul.hasan@thechangemakers.news

Tech pioneer Terminus partners with Expo 2020 and signs long-term lease at District 2020

DUBAI, 2 July 2020 – Terminus Technologies, a China-based leader in smart technologies such as artificial intelligence and robotics has been named Expo 2020 Dubai’s latest Premier Partner and has signed a long-term lease at District 2020 as part of the innovation ecosystem that will evolve after the event.

Leading robotics specialist links with Expo 2020 to enrich the visitor experience

As Expo 2020 Dubai’s Official Robotics Partner, Terminus will deploy more than 150 programmable robots – including Opti, one of the Expo 2020 mascots – to interact with visitors during the six-month event.

Fitted with features such as multi-touch displays, 5G network capability, AI-driven object mapping and object detection, the robots will perform a variety of tasks such as greeting visitors, performing in special displays, and providing visitor assistance, as well as helping with food and beverage delivery and hospitality services.

Terminus, a specialist in Artificial Intelligence (AI) and Internet of Things (IoT), will set up its first headquarters outside of China, as well as a research and development centre, at District 2020, the human-centric smart city that will repurpose post Expo more than 80 per cent of the site’s built environment. An innovation ecosystem and community with a mandate to support the UAE’s advance towards an innovation-driven economy, District 2020 will also bolster industry and technology growth in the region.

Interactive robots to greet millions of visitors and assist in hospitality at Expo 2020

The commitment reflects Dubai’s position as a global hub for business, innovation and partnership and further supports the UAE’s role in the Belt and Road Initiative (BRI). This multi-trillion dollar mega-infrastructure development is set to link China with high-traffic trade routes across Europe and Asia, with the UAE as a critical connecting point.

Mohammed AlHashmi, Chief Technology Officer, Expo 2020 Dubai, said: “Expo 2020 will be an unparalleled platform to showcase the capabilities of innovative technology and, as a pioneer in robotics and AI-enabled IoT applications, Terminus is a valuable new partner. Our collaboration will demonstrate the potential of robotics, while also establishing the foundation for District 2020 as a centre for technology innovation.”

By setting up its Middle East operations in the UAE, Terminus becomes the latest global corporation to join District 2020.

Nadimeh Mehra, Vice President, District 2020, said: “As a pioneer in advanced, future-defining technologies, Terminus will bring significant value to the diverse ecosystem we are curating at District 2020 and will contribute to our mission to support the UAE’s strategy to become a pioneer in AI. This is an important collaboration as we share the vision of creating a human-centric smart community that will inspire other global innovation hubs.”

signs long-term lease at District 2020 in line with the UAE’s innovation economy

Victor Ai, Founder and CEO, Terminus Technologies, said: “Expo 2020 Dubai will serve as an incredible hub of innovation for the world, and District 2020 will act as an example for global smart city development. Terminus is working with both to redefine the concept of future cities with our leading Robotics, AI and IoT technology. Together with other technology-focused partners, we have the opportunity to further explore the area of smart spaces. This is precisely the reason why we are so excited.”

The first World Expo to be held in the Middle East, Africa and South Asia (MEASA) region, Expo 2020 has been postponed by a year due to the impact of the COVID-19 pandemic. It will now run from 1 October 2021 to 31 March 2022, when it will bring together the brightest minds and greatest ideas from around the globe, helping to generate new and exciting solutions to some of the world’s most pressing challenges.