Emaar Properties records strong half-year sales

Downtown Dubai by Emaar Properties.
Updated 06 August 2019

Emaar Properties records strong half-year sales

Emaar Properties PJSC reported one of the highest half-year sales in Dubai at 9.443 billion dirhams ($ 2.571 billion) during the first six months of 2019. This is 52 percent higher than the half-year 2018 sales of 6.229 billion dirhams.

Led by the resilient performance of Emaar’s UAE build-to-sell property development business as well as malls and hospitality businesses, Emaar recorded H1 2019 revenue of 11.569 billion dirhams and net profit of 3.110 billion dirhams.

As of June 30, Emaar has a total sales backlog of 49.188 billion dirhams, including international operations. This will be recognized as revenue in the next three to four years, highlighting the strong financial fundamentals of the company and the successful value-creation model for its stakeholders. 

Mohamed Alabbar, chairman of Emaar Properties, said: “The driving force of Emaar’s strong, consistent performance this year is the enhanced reputation of Dubai as the first choice among the leading global destinations for property investment. 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.”


Positive social impact of COVID-19 in KSA: Survey

Updated 12 August 2020

Positive social impact of COVID-19 in KSA: Survey

A survey commissioned by Al-Aghar Group, an independent Saudi think tank, in partnership with global management consultancy Kearney, has revealed that most thought leaders and decision-makers in the Kingdom anticipate that COVID-19 will be a positive accelerant of the transformation already underway in the Kingdom. The survey focused specifically on the social impact of the COVID-19 crisis on the Kingdom through 2025.

Respondents believed that COVID-19 is accelerating the advent of the “future of work” in the Kingdom and more than 65 percent see this as fundamentally positive. About 69 percent see the growing need for the retraining of employees as positive, spurring national adaptation to the new normal. However, the survey also revealed some concerns regarding the security of formal employment and self-employment, with 37 percent seeing the effect of the crisis as negative.

Most survey respondents (70 percent) expect education in the Kingdom to undergo a positive transformation with the adoption of new, innovative, and inclusive modes of learning.

Seventy-eight percent of the respondents believe that the impact of the pandemic on the health care in the Kingdom through 2025 will be highly beneficial.

Fifty-eight percent of respondents believe there will be a wide adoption of telemedicine services in the Kingdom in the near future, as patients gain greater comfort and confidence in this method of consultation with their health providers.

Most respondents believe the health crisis has accelerated the process of digital transformation in the country, particularly in the finance and retail sectors. Seventy-five percent of respondents see the anticipated wider prevalence of e-commerce as positive, and 89 percent see as positive increasing use of cashless payments for face-to-face transactions by 2025.

By 2025, 78 percent of respondents expect that COVID-19 will lead to a significant and welcome (83 percent) step change in government preparedness for future crises. Meanwhile, 68 percent of respondents anticipate a significant impact on government information-sharing and 65 percent anticipate a moderate, but positive change in the willingness of citizens to contribute toward government efforts.

Prince Faisal bin Abdullah bin Mohammed Al-Saud, chairman, Al-Aghar Group, said: “Saudi Arabia has a proud history of resilience and has thrived even in the most challenging situations. While this pandemic has severely affected us all, the survey results confirm the depth of our intention to use this current situation to accelerate our national progress.”

Rudolph Lohmeyer, partner and head of National Transformations Institute at Kearney Middle East, said: “The survey results clearly reveal the deep, optimistic resilience of the Saudi people and their implicit commitment to the Kingdom’s national transformation. Despite the near-term hardships caused by the crisis, respondents anticipate that the most significant medium-term impacts will be positive.”