Dubai-based real estate developer Emaar Properties reported revenue of AED35.5 billion ($9.7 billion) and net profit before tax of AED18.9 billion ($5.1 billion) in a record year in 2024. The company delivered its strongest performance ever, driven by a bold determination to challenge conventional limits. This underscores the group’s operational efficiency, steadfast work ethic, customer-centric approach, construction excellence, and innovative spirit, according to a statement.
Key highlights
Key highlights of the annual results include remarkable sales growth, as Emaar achieved its highest ever property sales of around AED70 billion ($19 billion), which represents a substantial increase of 72 percent over the 2023 sales of AED40.3 billion ($11 billion). This performance was further supported by a significant backlog growth; boosted by record property sales in 2024, the group’s revenue backlog from property sales surpassed AED110 billion ($30 billion) as of December 21, 2024, marking a 55 percent increase from 2023 and indicating robust revenue growth for the years ahead.
In terms of revenue growth, Emaar recorded its highest ever revenue amounting to AED35.5 billion ($9.6 billion) in 2024, reflecting a 33 percent increase compared to the previous year. Profitability also saw substantial improvement, with the company recording its highest ever net profit (before tax) at AED18.9 billion ($5.1 billion), representing a 25 percent increase compared to 2023.
Additionally, in December 2024, Emaar announced a new dividend policy, proposing its highest ever dividend of 100 percent of share capital for 2024, amounting to AED8.8 billion, which is an impressive increase of 100 percent from 2023. The company also expanded its business significantly by acquiring 141 million square feet of development land in a prime area in Dubai, with a total development value of AED96 billion during the year.
Finally, emphasizing customer satisfaction, Emaar undertook the initiative to repair all homes affected by unprecedented rain at its own cost in 2024. This commitment underscores the company’s unwavering focus on customer requirements, product and service quality, aiming to achieve the highest level of customer satisfaction.
Vision for success
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. Our success is a result of the trust and confidence of our customers and our utmost efforts to go beyond the norm in terms of our product design, delivery quality, superior maintenance of our communities and effective customer service. The company’s progress also reflects the emirate’s proactive economic strategies and its dedication to positioning Dubai as a global hub for innovation and investment. 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.”
UAE build-to-sell property development
Emaar Development sustained its property sales momentum in 2024, with the successful launch of 62 new projects across all master plans in the UAE. Emaar’s property development business in the UAE achieved property sales of AED65.4 billion ($17.8 billion), reflecting a growth of 75 percent compared to 2023.
In 2024, Emaar Development reported revenue of AED19.1 billion ($5.2 billion) with a 61 percent increase over 2023 and achieved net profit before tax of AED10.2 billion ($2.8 billion), marking a 20 percent growth compared to 2023. The consolidated revenue of Emaar Properties from its property development business in the UAE during 2024 reached AED23.5 billion ($6.4 billion), including Dubai Creek Harbour. Revenue backlog from property sales in the UAE increased to AED102.7 billion ($28 billion) as of December 31, 2024, representing a year-on-year growth of around 65 percent.
Shopping mall, retail, and commercial leasing
Emaar’s shopping malls, retail, and commercial leasing operations recorded revenue of AED5.6 billion ($1.5 billion) in 2024. During the same period, the portfolio achieved an EBITDA of AED4.7 billion ($1.3 billion). This performance is primarily attributed to robust growth in tenant sales, which saw an increase of over 7 percent compared to 2023, and increased occupancy. Mall assets achieved an average occupancy of 98.5 percent as of December 31, 2024. Dubai Mall recorded a footfall of 111 million during the year, an increase of around 6 percent over 2023, becoming the most visited place on Earth for the second consecutive year. In 2024, Emaar Properties announced a monumental expansion of Dubai Mall with an investment of AED1.5 billion ($408 million), including 240 new luxury stores and food and beverage outlets.
Emaar international
Emaar’s international real estate operations recorded property sales of AED4.1 billion ($1.1 billion) in 2024, an increase of 40 percent over 2023. The revenue amounted to AED2.7 billion ($735 million). The performance of international operations in 2024 was primarily driven by Egypt and India. Revenues from international real estate operations represent around 8 percent of Emaar’s total revenue in 2024.
Hospitality, leisure, and entertainment
In 2024, Emaar’s hospitality, leisure, and entertainment divisions recorded revenues of AED3.7 billion ($1 billion). This growth was driven by a consistent recovery in the tourism industry, coupled with strong domestic spending. Emaar’s UAE hotels increased their average occupancy to 79 percent and sustained their ADR levels. Emaar expanded its collection of hotels, both domestically and internationally, and added 4 hotels with around 500 keys in 2024.
Recurring revenue
Emaar’s diverse and sustainable revenue-generating portfolio, encompassing malls, hospitality, leisure, entertainment, and commercial leasing, achieved positive results in 2024. The portfolio recorded revenues totaling AED9.3 billion ($2.5 billion), showcasing a growth of more than 8 percent compared to the previous year (excluding Namshi, sold in February 2023, and one-off revenue adjustment in 2023) and an EBITDA of AED7.1 billion ($1.9 billion). EBITDA from this portfolio constituted 37 percent of Emaar’s total EBITDA in 2024.
