Emaar Properties Achieves Record Sales of AED70 Billion in 2024
Emaar Properties, Dubai’s largest publicly traded developer by market capitalization, reported record-breaking sales of AED70 billion ($19 billion) in 2024, marking a historic high for the company. Additionally, the company’s revenue for the year reached AED36 billion, reflecting its continued dominance in the real estate sector.
A substantial revenue backlog of AED110 billion, representing property sales yet to be delivered, grew by 55 percent year-on-year. This significant increase signals strong potential for sustained revenue growth in the coming years, according to Emaar.
Profit Growth and Stock Market Performance
Net profit before tax surged 25 percent to AED19 billion in 2024, fueled by a 33 percent year-on-year increase in total revenue.
Before the company’s financial announcement, Emaar’s shares, which have been listed on the Dubai Financial Market since 2000, closed 2.5 percent lower at AED13.70 on Thursday. However, the stock has demonstrated remarkable growth over the past year, rising by 70 percent.
Emaar Development’s Impressive Growth
Emaar Development, a subsidiary dedicated exclusively to projects within the UAE, launched 62 new developments in 2024. The division recorded an impressive 75 percent year-on-year increase in property sales, reaching AED65 billion.
The parent company’s consolidated revenue from its UAE-based property development operations, including the prominent Dubai Creek Harbour, amounted to AED24 billion.
Strong Performance in Retail and Leasing Sectors
Emaar’s shopping malls, retail, and commercial leasing segments also delivered outstanding results, generating AED6 billion in revenue. As of December 31, 2024, the company’s malls achieved an exceptional 99 percent average occupancy rate.
Optimistic Outlook for 2025
Mohamed Alabbar, founder of Emaar, expressed confidence in the company’s continued success, highlighting positive expectations for shopping centers, hotels, and property sales in 2025. He also confirmed that Emaar plans to introduce new projects and expand offerings across all business divisions.
Highest-Ever Dividend Proposed
Reflecting its strong financial performance, Emaar has proposed its highest-ever dividend of AED9 billion for 2024—a 100 percent increase compared to the previous year.
With record-breaking sales, significant revenue growth, and an ambitious vision for the future, Emaar continues to solidify its position as a leader in Dubai’s thriving real estate market.
