Dubai’s Emaar unveils $26bn projects as market rebounds

Emaar

Dubai’s largest developer, Emaar Properties, has unveiled two new mega projects with a development cost of AED96 billion ($26.14 billion), driven by a rebound in the emirate’s real estate sector.

The projects – The Heights Country Club and Grand Club Resort – will target the high-end residential and hospitality segments, the developer said in a statement.

Covering an area of 81 million sq ft, The Heights Country Club will have a development cost of AED55 billion.

The Grand Club Resort, located next to the AED72 billion The Oasis project, will cover over 60 million sq ft with the development cost at AED41 billion.

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“Dubai stands not only as a city but as a global titan in luxury, real estate, and as a vibrant tourist hub,” said Emaar founder Mohamed Alabbar.

Emaar has expanded the land bank in The Oasis development by 108 percent, leading to its development value reaching AED73 billion from the initial AED34 billion.

In February, Emaar Properties reported a 70 percent year on year rise in net profit to AED11.6 billion in 2023, supported by increased sales in the UAE property market.

The developer’s revenue grew 7 percent year on year to AED26.7 billion last year.