The company recorded property sales of Dh70 billion during the reporting period.
Emaar Properties Reports 16% Surge in 2024 Net Income Amid Record-Breaking Revenue and Property Sales
Dubai’s leading listed developer, Emaar Properties, reported a 16% rise in net income for 2024, driven by unprecedented revenue growth and a sharp increase in property sales across its extensive portfolio.
For the 12 months ending December, net profit attributable to the company’s owners climbed to Dh13.5 billion ($3.67 billion), according to an official statement released on Thursday to the Dubai Financial Market, where Emaar’s shares are listed.
Revenue surged 33% year-on-year, reaching an all-time high of Dh35.5 billion, fueled by property sales, which soared to a record Dh70 billion, marking a 72% increase compared to 2023.
As of December 31, Emaar’s revenue backlog from property sales exceeded Dh110 billion, reflecting a 55% rise from 2023, highlighting strong revenue visibility and sustained growth potential in the coming years.
Dubai’s Economic Strategies Strengthen Market Growth
According to Mohamed Alabbar, Founder of Emaar, the company’s success underscores Dubai’s proactive economic strategies and its unwavering commitment to establishing itself as a global center for innovation and investment.
The real estate sector in Dubai has continued its robust post-pandemic growth, driven by strong economic momentum. The emirate’s GDP expanded by 3.1% in the first nine months of 2024, reaching Dh339.4 billion, largely fueled by growth across key sectors, including real estate.
Dubai’s real estate market experienced a 20% surge in transactions, totaling Dh761 billion in 2024. The total number of property transactions increased by 36%, reaching 226,000, as per the latest data from the Dubai Media Office.
Government initiatives such as long-term residency permits, including the 10-year Golden Visa program and residency options for retirees and remote workers, have further enhanced Dubai’s attractiveness to international investors.
Emaar Development Achieves 75% Growth in Property Sales
Emaar Development, the company’s majority-owned subsidiary specializing in build-to-sell projects, reported property sales of Dh65.4 billion, a 75% increase from 2023.
Its revenue soared 61% to Dh19.1 billion, with the launch of 62 new projects across various master-planned communities in the UAE.
Retail and Leasing Business Witnesses Strong Growth
Emaar’s shopping malls, retail, and commercial leasing businesses reported revenue of Dh5.6 billion, driven by a 7% rise in tenant sales.
The company’s mall assets achieved 98.5% occupancy, with Dubai Mall attracting 111 million visitors, reflecting a 6% increase in foot traffic from 2023.
Global Expansion Contributes to Revenue Growth
Emaar’s international property business recorded Dh4.1 billion in sales, reflecting 40% growth year-over-year, primarily fueled by operations in Egypt and India. Revenue from international markets stood at Dh2.7 billion, further solidifying the company’s global presence.
