Real estate developer Emaar Properties PJSC said on Wednesday that its projects backlog in the United Arab Emirates amounts to 40 billion UAE dirhams ($10.9 billion).
The company said the “backlog represents the value of properties sold but where related revenues have not been recognised” in a statement announcing its plans to offer up to 30 percent of its UAE real estate development business in an initial public offering.
The statement said that the developer has a land bank of 24 million square metres (sqm) in the UAE, with a total development area of approximately 30 million sqm.
Emaar recorded real estate sales of 9.7 billion dirhams ($2.64 billion) in the UAE during the 12 months leading up to 31 May 2017, an increase of 24 percent year-on-year, according to the statement.
“We are drawing on our success to create a new Emaar defined by an expanded development pipeline in Dubai anchored by iconic structures such as The Tower at Dubai Creek Harbour,” Mohamed Alabbar, chairman of Emaar Properties, was quoted as saying in a press release.
The developer has several mega-developments ongoing in Dubai including the 11 million sqm Dubai Hills Estate, which is being developed as a joint venture with Meraas Holding and Emaar South, the master development near the Expo 2020 Dubai venue.
Emaar has handed over around 34,000 units in Dubai since 2001.
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