RIYADH: Primarily driven by new project launches, Emaar’s group property sales in 2022 reached 35.1 billion dirhams ($9.5 billion), Emaar Properties reported.

The Emirati multinational real estate development company not only reported continued improvement in its property sales but also growth in profitability and marked improvement in the performance of recurring revenue businesses in 2022.

Emaar’s backlog of property sales has reached 53.2 billion dirhams, which will be recognized as revenue in the coming years.

Emaar recognized revenue of 24.9 billion dirhams in 2022, supported by the continuous strengthening of the Dubai real estate market and growth achieved by the recurring revenue businesses due to the rebound of global tourism.

Earnings before interest, taxes, depreciation and amortization and net profit for 2022 increased by 18 percent and 80 percent, respectively, to 9.8 billion dirhams and 6.8 billion dirhams compared to 2021.

In 2022, Emaar completed the acquisition of Dubai Creek Harbour for an overall consideration of 7.5 billion dirhams.

Mohamed Alabbar, founder of Emaar, said: “Improvements in consumer confidence and overall business activity, especially in the real estate market, have benefited all the company’s operations over the past year, thanks to the strategic measures taken over the past two years.”

He added: “Given these remarkable outcomes, we expect to see strong performance by our shopping centers, hotels and property sales in 2023, as we continue to deliver cutting-edge projects and unparalleled offerings across all of our business units.”

Brooge Energy and Siemens Energy partner to pioneer hydrogen

Planning to develop a plant to produce green hydrogen and ammonia using solar PV in Abu Dhabi, Brooge Energy, a Cayman Islands-based infrastructure provider which is currently engaged in clean petroleum products and biofuels and crude oil storage, announced a partnership with Siemens Energy, one of the world’s largest energy technology supplier.

Brooge Energy and Siemens Energy signed a Memorandum of Understanding to kickstart the partnership in a special event at the World Government Summit 2023 in Dubai.

Sharif Al Olama, undersecretary for energy and petroleum affairs at the UAE’s Ministry of Energy and Infrastructure, Ahmed Al Kaabi, assistant undersecretary for petroleum, gas and mineral resources at the UAE’s Ministry of Energy and Infrastructure, as well as senior leadership from the two companies were present at the event.

Under the MoU, the two companies will join forces to develop the plant and explore other areas of collaboration in clean energy, while MoEI will offer them facilities.

Al Olama said: “In line with the objectives of the UAE Energy Strategy 2050 and the UAE Net-Zero by 2050 Strategic Initiative, we are taking confident steps to incorporate emerging energy sources, particularly hydrogen, in our energy mix to ensure we are on a low-carbon development path.”

Applauding the partnership between Brooge Energy and Siemens, Al Olama said it was a prime example of the UAE’s keenness to upscale the contribution of the private sector in realizing its net-zero and climate ambitions.

He highlighted that the new project that will produce green hydrogen and ammonia using solar PV will further accelerate the country’s transition to net-zero, increase green hydrogen capacity and boost the UAE’s position as a reliable supplier of hydrogen.