Emaar shatters records with record revenue, sales in 2024

Dubai: Dubai-based mega-developer Emaar Properties’ revenues surged by 33 per cent to Dh35.5 billion ($9.6 billion) as property sales soared to Dh70 billion ($19 billion) last year.

According to the developer, Emaar Properties PJSC delivered “its strongest performance ever, driven by a bold determination to challenge conventional limits.” The company also recorded a net profit (before tax) of Dh18.9 billion ($5.1 billion), an increase of 25 per cent compared to 2023.

The DFM-listed developer said it achieved its highest ever property sales of Dh 70 billion, a 72 per cent increase over 2023 sales of Dh40.3 billion ($11 billion). And bolstered by the property sales in 2024, the group said its revenue backlog from property sales surpassed Dh110 billion ($ 30 billion) as of December 31, 2024. This marks a 55 per cent increase from 2023.

Mohamed Alabbar, Founder of Emaar, said, “We are really pleased with our 2024 results which is a result of us pushing our limits, doubling our targets, achieving the best efficiencies and working hard with complete focus on our customers.”

Emaar, known for its iconic projects like Dubai Mall, Burj Khalifa, and Dubai Marina, said it also recorded its highest-ever revenue amounting to Dh35.5 billion ($ 9.6 billion) in 2024, a 33 per cent increase compared to the previous year. In December 2024, Emaar announced a new dividend policy and its highest-ever proposed dividend of 100 per cent of share capital for 2024, amounting to Dh8.8 billion, an increase of 100 per cent from 2023.

The company also acquired 141 million square feet of development land in a prime area in Dubai with a total development value of Dh96 billion during the year.

Alabbar added, “With these results, we look forward to a continued positive performance in our shopping centres, hotels, and property sales in 2025. We remain committed to unveiling innovative projects and unparalleled offerings across all our business divisions.”

With the launch of 62 new projects across all master plans in the UAE, Emaar said its property development business achieved property sales of Dh65.4 billion ($ 17.8 billion) - a 75 per cent growth compared to 2023.

Other divisions

In 2024, Emaar Development reported a revenue of Dh19.1 billion ($ 5.2 billion), a 61 per cent increase over 2023. It achieved net profit before tax of Dh10.2 billion ($ 2.8 billion), marking a 20 per cent growth compared to 2023. The consolidated revenue of Emaar Properties from its property development business in the UAE during 2024 reached Dh23.5 billion ($ 6.4 billion), including Dubai Creek Harbour.

Emaar said its shopping malls, retail, and leasing businesses generated Dh5.6 billion ($1.5 billion) in revenue, with an EBITDA of Dh4.7 billion ($1.3 billion). Moreover, Dubai Mall welcomed 111 million visitors, making it the most visited destination worldwide for the second year. The group had also announced a Dh1.5 billion expansion for Dubai Mall, adding 240 luxury stores and dining outlets.

Emaar’s international sales reached Dh4.1 billion ($1.1 billion), up 40 per cent from 2023, driven by strong performance in Egypt and India. The segment contributed 8 per cent to the company’s total revenue. Meanwhile, its hospitality, leisure, and entertainment division posted Dh3.7 billion ($1 billion) in revenue, benefiting from tourism recovery and strong domestic demand. Emaar’s UAE hotels averaged 79 per cent occupancy while adding four new properties with 500 rooms.