Dubai’s leading real estate developer, Emaar Properties, has announced a historic financial performance for 2024, reporting revenue of AED35.5 billion (9.7billion) and a NetProfit before tax of AED 18.9 billion. This remarkable achievement highlights the company’s operational excellence, customer-focused approach, and innovative strategies, solidifying its position as a global real estate powerhouse.
Key Highlights of Emaar’s 2024 Performance
- Record Property Sales: Emaar achieved its highest-ever property sales of AED70 billion ($19 billion), marking a 72% increase compared to 2023.
- Revenue Backlog Growth: The company’s revenue backlog from property sales surged to AED110 billion ($30 billion), a 55% increase from the previous year, ensuring strong future growth.
- Revenue Growth: Emaar recorded its highest-ever revenue of AED35.5 billion ($9.7 billion), reflecting a 33% year-on-year increase.
- Profitability: Net profit before tax rose to AED18.9 billion ($5.1 billion), a 25% increase compared to 2023.
- Dividend Policy: Emaar announced a 100% dividend payout for 2024, amounting to AED8.8 billion, doubling the previous year’s dividend.
- Land Acquisition: The company acquired 141 million square feet of prime development land in Dubai, with a total development value of AED96 billion.
- Customer Commitment: Emaar repaired all homes affected by unprecedented rainfall in 2024 at its own cost, demonstrating its dedication to customer satisfaction and quality service.
Vision for Success
Mohamed Alabbar, Founder of Emaar, stated, “Our 2024 results reflect our relentless pursuit of excellence, customer-centric approach, and innovative vision. We are committed to delivering world-class projects and maintaining Dubai’s status as a global hub for innovation and investment. With our strong performance in property sales, hospitality, and retail, we look forward to continued success in 2025 and beyond.”
UAE Build-to-Sell Property Development
Emaar Development launched 62 new projects in 2024, achieving property sales of AED65.4 billion (17.8billion), a75 5.2 billion) and a net profit before tax of AED10.2 billion (2.8billion), marking a61 (2.8billion), a 65% year-on-year increase.
Shopping Mall, Retail, and Commercial Leasing
Emaar’s retail and commercial leasing operations generated revenue of AED5.6 billion
(1.5billion) in 2024, with an EBITDA of AED4.7 billion (1.3 billion).
Key achievements include:
- Dubai Mall Expansion: A AED1.5 billion ($408 million) expansion added 240 luxury stores and F&B outlets.
- Record Footfall: Dubai Mall welcomed 111 million visitors, a 6% increase from 2023, retaining its title as the world’s most visited destination.
- Occupancy Rates: Mall assets achieved an average occupancy of 98.5% as of December 31, 2024.
Emaar International
Emaar’s international operations recorded property sales of AED4.1 billion (1.1billion) a40 735 million), driven by strong performances in Egypt and India.
Hospitality, Leisure, and Entertainment
Emaar’s hospitality and leisure divisions generated revenue of AED3.7 billion ($1 billion) in 2024, supported by the recovery of the tourism sector and robust domestic spending. The company expanded its hotel portfolio by adding 4 new properties with 500 keys, achieving an average occupancy rate of 79% in UAE hotels.
Recurring Revenue
Emaar’s diversified revenue streams, including malls, hospitality, and commercial leasing, contributed AED9.3 billion (2.5billion) in revenue an8 1.9billion),
accounting for 37% of Emaar’s total EBITDA.
Looking Ahead
Emaar Properties remains committed to innovation, customer satisfaction, and sustainable growth. With a strong foundation and a clear vision, the company is poised to deliver exceptional results in 2025 and beyond, further cementing its legacy as a global leader in real estate and hospitality.
Explore Emaar’s latest projects and investment opportunities today!
