Real estate developer Emaar Properties PJSC says that its projects backlog in the United Arab Emirates amounts to AED 40 bn (USD 10.9 bn), Reuters reports.

The company says that 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% of its UAE real estate development business in an initial public offering.

The statement says that the developer has a landbank of 24 mn square metres in the UAE, with a total development area of approximately 30 mn sqm.

Emaar recorded real estate sales of AED 9.7 bn (USD 2.64 bn) in the UAE during the 12 months leading up to May 31, 2017, an increase of 24% 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 mn 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.