Dubai-Mubasher: Emaar Properties has a total backlog valued at AED 28.3 billion in the UAE to be completed over the next four to five years, according to a statement.
Emaar has nearly 13,000 residential units under development in the country, in addition to land bank of over 195 million sq m in Dubai, Emaar’s chairman Mohamed Alabbar said.
Alabbar’s statement came after Moody’s Investor Service upgraded Emaar to Baa3 long-term issuer rating with a “stable” outlook.
The rating reflected the company’s financial strength and ability to create sustained shareholder value through its ongoing projects and assured recurring revenues from its malls and hospitality businesses.
Emaar generated revenues of AED 1.974 billion ($537 million) from its property business in the first quarter of 2016, 32% higher than the prior-year period.
Overall sales value stood at AED 5.151 billion ($1.402 billion) in Q1-16, the statement said, adding that the property developer has assets worth over AED 165.7 billion ($45.1 billion).
