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Dubai’s Emaar Reports 56% Surge in H1 2024 Property Sales
Augustus Media FZ LLC
August 07, 2024
Marhaba folks! 🌞
In today’s edition, we explore:
Emaar Reports 56% Surge in H1 2024 Property Sales.
Wynn Resorts Invests $514.4 Million in UAE's First Casino on Al Marjan Island.
UAE Retailer Spinneys Posts $20 Million Profit for Q2 2024.
Yalla, let’s dive in 🏃🏻♀️
Dubai’s Emaar Reports 56% Surge in H1 2024 Property Sales
Emaar’s logo flashes on Burj Khalifa
What is it about?
Emaar Properties PJSC reported significant financial growth in the first half of 2024. The company achieved a 56% increase in group property sales, reaching AED 31.5 billion (US$ 8.6 billion), with a backlog of AED 90.1 billion (US$ 24.5 billion). Net profit before tax grew by 33% to AED 7.8 billion (US$ 2.1 billion). Additionally, Emaar announced a AED 1.5 billion (US$ 408 million) investment to expand the Dubai Mall, adding 240 luxury retail outlets.
Why does it matter?
This impressive growth underscores Emaar's resilience and strategic positioning within Dubai's booming real estate market. The company's strong financial performance and robust property sales reflect investor confidence and the continued demand for high-end real estate in Dubai. The expansion of Dubai Mall signifies Emaar's commitment to enhancing Dubai's status as a global shopping and tourism hub, attracting more visitors and boosting the local economy.
What next?
Emaar's backlog of AED 90.1 billion in property sales will be recognized as revenue over the next 4-5 years, ensuring sustained profitability. The company’s strategic investments, including the Dubai Mall expansion and new luxury living masterplans, will likely drive further growth in sales and profitability. Continued success in international markets, particularly in Egypt and India, will also contribute to Emaar's future revenue streams.
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Wynn Resorts Invests $514.4 Million in UAE’s First Casino on Al Marjan Island
Futuristic view of the Wynn Al Marjan Island
What is it about?
Wynn Resorts has invested $514.4 million in its joint venture project, Wynn Al Marjan Island, in Ras Al Khaimah, which will house the UAE’s first casino. The project is set to open in 2027, with the company focusing on attracting demand from Europe and India. The investment includes $357 million contributed in Q2 2024, with the total equity split between the casino development and future land use on the island.
Why does it matter?
This investment marks a significant milestone in the UAE's hospitality and gaming sectors, with Wynn Resorts establishing the first casino in the country. The focus on European and Indian markets highlights the growing appeal of the UAE as a global tourism and entertainment destination. The project’s success could pave the way for further developments and investments in the region, particularly in the gaming industry.
What next?
Wynn Resorts expects to finalize debt financing for the project by the end of the year and anticipates further regulatory clarity from the General Commercial Gaming Regulatory Authority (GCGRA). As construction progresses, the company will continue to target wealthy markets, particularly in India and Europe, to drive demand once the resort opens in early 2027. Potential future developments on the island are also being considered, given the additional land owned by the joint venture.
Quote of the day
“UAE’s supportive regulations create attractive environment for blockchain development.” - Managing Director of Ripple Middle East and Africa, Reece Merrick.
UAE Retailer Spinneys Posts $20 Million Profit for Q2 2024
A Spinneys story in the UAE
What is it about?
Spinneys, a Dubai-listed supermarket operator, announced a profit of AED 72 million ($20 million) for Q2 2024, marking a 17.8% year-on-year increase. The company, which recently debuted on the Dubai Financial Market (DFM), also reported revenue of AED 783 million for the quarter and AED 1.598 billion for the first half of the year. Despite challenges from the new UAE corporate tax and one-off IPO expenses, Spinneys' board approved a post-IPO dividend of AED 103 million for H1 2024.
Why does it matter?
Spinneys' strong financial performance in Q2 2024 highlights the resilience of the retail sector in the UAE, even in the face of new corporate taxes and IPO-related costs. The company’s ability to increase profits and announce a dividend post-IPO reflects investor confidence and the growing strength of its market position. As Spinneys expands into new markets like Saudi Arabia, its financial health will be crucial for sustaining growth.
What next?
Spinneys will likely continue to focus on expanding its footprint in the GCC region, particularly in Saudi Arabia, following the opening of its first store there in June. The company’s ability to navigate new tax regulations and maintain profitability will be key as it builds on its recent success. Investors can expect further updates on its expansion strategy and potential new store openings in the coming quarters.
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