Emaar Development Acknowledges its Robust Performance for 2023 at its Annual General Meeting

Dubai, United Arab Emirates - 23 April 2024: Today, on April 23, 2024, Emaar Development PJSC (DFM: EMAARDEV) held its Annual General Meeting (AGM) where the Board of Directors reported Emaar's strong performance for 2023.

At the AGM, shareholders approved the Board of Directors' proposal to distribute dividend of AED 2.082 billion (US$ 567 million) which equals to 52% of the share capital (~AED 52 fils per share), demonstrating Emaar's commitment to maximising shareholder value. Further Board's report on the company's activities & financial position of the company and the Auditor's report were also approved.

The Board of Directors also reaffirmed its commitment to delivering high-quality residences & communities to its customers and residents.

Emaar Development PJSC reported property sales of AED 37.4 billion (US$ 10.2 billion), an increase of 22% compared to 2022 resulted in healthy sales backlog of AED 57.1 billion (US$ 15.5 billion) which will be recognized as revenue in the coming years. In 2023, the Company reported revenue of AED 11.9 billion (US$ 3.2 billion) and net profit of AED 6.6 billion (US$ 1.8 billion) which reflects a 74% growth compared to 2022.

Over 12,000 residential units were delivered by Emaar Development in 2023 across prominent locations, including Dubai Hills Estate, Dubai Creek Harbour, Downtown Dubai, Emaar Beachfront, Arabian Ranches, and Emaar South. Emaar has delivered over 70,000 residential units in the UAE as of December 2023, with over 25,500 residences currently under development in the UAE.

Recognising Emaar Development's resilient performance in the last fiscal year, Mohamed Alabbar, Founder, Emaar Properties, said: "Emaar Development's record-breaking success in 2023 demonstrated our superior operational approach and strong demand for our premier offerings, allowing us to optimise performance and improve risk management. In 2024, we will capitalise on a dynamic lineup of property launches and ambitious new projects."

"Our consistent year-over-year growth and increasing profitability are directly attributed to the unwavering support of our shareholders, astute management, and highly skilled workforce. Furthermore, our dedication to providing exceptional shareholder value and our critical role in driving Dubai's economic vitality highlight our esteemed brand's foundation of trust and quality."

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Note to editors:

About Emaar Development PJSC:

Emaar Development is a developer of residential and commercial build-to-sell (BTS) assets in the UAE. The company is behind iconic freehold master-planned communities in Dubai, including Emirates Living, Downtown Dubai, Dubai Marina, Arabian Ranches, Dubai Creek Harbour, Dubai Hills Estate and Emaar South. It has delivered over 70,000 residential units* since 2002. The company has a sales backlog of over AED 57.1 billion. It is a high cash flow generating business, highlighting the company's robust fundamentals with over 25,500 residential units under development to be delivered.

For more information, please visit https://properties.emaar.com/en/investor-relations/emaar-properties-pjsc/

*As on 31st December 2023.

For more information, please contact:

Emaar Corporate Marketing Department

Email: [email protected]