Real Estate Emaar launches $20bn The Oasis project in Dubai By Pramod Kumar June 15, 2023, 5:41 AM Emaar Emaar founder Mohamed Alabbar and Indian actor Shah Rukh Khan at the launch of The Oasis development Location still undisclosed Will provide 7,000 homes ‘Resort-style lifestyle’ Emaar Properties, the developer of the iconic Burj Khalifa, has launched a $20 billion luxury development in Dubai, which plans to house over 7,000 residential units. The Oasis by Emaar will cover over 9.4 million sq m of land, offering large mansions and villas with views of water canals, lakes and parks. While the exact location of The Oasis was not disclosed, Emaar said it is strategically situated within Dubai, surrounded by upscale developments. The project is close to Emaar’s Downtown Dubai, just a 20-minute drive away, and is located near four international golf courses, the developer said in a statement. Raffles the Palm could just be peak Dubai bling Demand grows for a life of luxury in Dubai Emaar Q3 profit rises 46% to $408m on Dubai property boom The development, which claims to offer a “resort-style lifestyle”, will allocate 25 percent of its land area to lakes, water canals, parks, jogging tracks, green spaces, and a range of luxury amenities. The Oasis will feature an expansive 1.5 million sq ft retail area, housing a diverse selection of international lifestyle brands. Emaar founder Mohamed Alabbar said that the new development is poised to complement the urban landscape of Dubai. Emaar in May reported a net profit of AED3.2 billion ($873 million) for the first quarter, surging 43 percent year-on-year on higher tourism, sales and demand for real estate in the emirate. Revenue for the period rose to AED6.3 billion, as Ebitda increased 26 percent year-on-year to AED4 billion. The company’s property sales reached AED9.2 billion, an 11 percent increase on Q1 2022.
