We do hear all the time about the accomplishments made by UAE in all sectors which was described as the state of future and one of the world’s sustainable countries.
By reading about the state’s accomplishments in the latter periods you will find exceptional successes in many sectors especially the real estate sector which has flourished significantly thanks to the rising influx of investors and companies vigor performance.
National real estate companies in UAE had a great role in the urban boom witnessed in all the emirates. Here, we piled up these major companies and their latest recorded performances:
1- Emaar Properties:
Best known for being the owners of Burj Khalifa, the tower that has been the world’s tallest building since 2008, Emaar Properties is unsurprisingly is the most profitable UAE-based property developer as of 2017.
In the first half of the year 2018, Emaar Properties has recorded a profit of AED1.34bn ($910m), an 18% increase from the AED2.83bn ($771m) net profit the group achieved in the first half of 2017.
The generated sales revenue during the first half of 2018 reached AED11.74bn ($3.12bn), a record 42% upsurge from the sales revenue of the same period of 2017 which had the value AED7.866bn ($2.142bn).
The developer has several under-construction projects currently, including Harbour Gate which is being developed at the heart of the mega project of Dubai Creek Harbour.
2- Damac Real Estate
Being the Trump Organization’s main partner in the UAE, Damac Real Estate rose to international fame as one of the leading UAE-based developers after the opening of Trump International Golf Club Dubai in 2017.
The financial statements issued for the first half of 2018 have shown that Damac Real Estate’s sales have increased by 5% from the sales revenues of the first half of 2017 to be AED3.7bn. However, the company’s net profit decreased from 2017’s first half recorded profit of AED1.6bn to be AED862m.
This comes after Damac successfully delivered 1,490 units in the first six months of 2018, while the delivered units in the same period of 2017 did not exceed the 1,100 mark.
3- Nakheel Properties:
The name behind some of Dubai’s most prosperous tourist attractions like Palm Jumeirah, Nakheel recorded an AED2.51bn profit in the first half of 2018, recording an AED100m drop from its profits of the same period of 2017 which had the value of AED2.61bn.
During the concerned period, Nakheel has successfully delivered the keys of 450 units to their respective owners; also, Nakheel has signed construction contracts with an accumulated value that exceeds the AED6bn mark in these six months.
It is also worth mentioning that Nakheel has formed a partnership with Al Nasr SC to develop a new mall in Al Khawaneej area in Dubai.
4- Aldar Properties:
Following a record $1bn acquisition of assets from Abu Dhabi’s Tourism Development and Investment Company in May 2018, the leading Abu-Dhabi based Aldar Properties’ statements of h1 of 2018 have shown a 2% increase in its sales revenues from $789.5m in the same period of 2017 to $816.7m.
However, for the same period of time, the developer’s recorded net profit decreased in 2018 by around 11.2% to be $299.5m from $343m in 2017.
It is worth mentioning that in March 2018, Aldar Properties has launched a $8bn joint venture with Emaar Properties that aim to develop two projects: one in Abu Dhabi and one in Dubai.
5- Manazel Real Estate:
With its focus being meeting the surging demand for affordable houses, Manazel Real Estate’s recorded revenues of the first six months of 2018 were AED516m, which marked a 25% increase from the developer’s generated revenues in the first half of 2017.
However, it was Manazel’s net profit during the same period that recorded an impressive AED132.9m, having increased by 135% from the profit of the first half of 2017.
In this period, Manazel signed a cooperation contract for three developments in Yas Island in Abu Dhabi, and Dubai Silicon Oasis and Jumeirah Village Triangle in Dubai.