Emaar Properties, a Dubai-based real estate developer, 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 best performance yet, fueled by a daring determination to push conventional boundaries. This demonstrates 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, with Emaar achieving its highest ever property sales of around AED70 billion ($19 billion), a 72 percent increase over 2023 sales of AED40.3 billion ($11 billion). This performance was bolstered by 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, a 55% increase from 2023 and indicating strong revenue growth in the coming years.
In terms of revenue growth, Emaar recorded its highest ever revenue of AED35.5 billion ($9.6 billion) in 2024, representing a 33% increase over the previous year. Profitability also improved significantly, with the company recording its highest-ever net profit (before tax) of AED18.9 billion ($5.1 billion), a 25% increase over 2023.
Furthermore, in December 2024, Emaar announced a new dividend policy, proposing its highest ever dividend of 100% of share capital for 2024, totaling AED8.8 billion, a 100% increase over 2023. During the year, the company also significantly expanded its business by acquiring 141 million square feet of development land in a prime area of Dubai, totaling AED96 billion in development value.
Finally, emphasizing customer satisfaction, Emaar took the initiative to repair all homes damaged by unprecedented rain at its own expense in 2024. This commitment demonstrates the company’s unwavering focus on customer requirements, product and service quality, and striving for 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 maintained its property sales momentum in 2024, successfully launching 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), representing a 75% increase over 2023.
In 2024, Emaar Development reported revenue of AED19.1 billion ($5.2 billion), a 61% increase over 2023, and a net profit before tax of AED10.2 billion ($2.8 billion), a 20% increase over 2023. Emaar Properties’ consolidated revenue from its UAE property development business in 2024 reached AED23.5 billion ($6.4 billion), which included Dubai Creek Harbour. The UAE’s revenue backlog from property sales increased to AED102.7 billion ($28 billion) as of December 31, 2024, representing a year-on-year growth of approximately 65 percent.
Shopping mall, retail, and commercial leasing
In 2024, Emaar’s shopping mall, retail, and commercial leasing operations generated AED5.6 billion ($1.5 billion) in revenue. During the same period, the portfolio generated an EBITDA of AED4.7 billion ($1.3 billion). This performance was primarily driven by strong growth in tenant sales, which increased by more than 7% compared to 2023, as well as increased occupancy. Mall assets had an average occupancy rate of 98.5 percent as of December 31, 2024. Dubai Mall received 111 million visitors this year, up about 6% from 2023, making it the most visited place on Earth for the second year in a row. Emaar Properties announced a monumental expansion of Dubai Mall in 2024, with an AED1.5 billion ($408 million) investment that will include 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, up 40% from 2023. The revenue totaled AED2.7 billion ($735 million). Egypt and India were the primary drivers of international operations performance in 2024. In 2024, revenues from international real estate operations will account for approximately 8% of Emaar’s total revenue.
Hospitality, leisure, and entertainment
In 2024, Emaar’s hospitality, leisure, and entertainment divisions earned AED3.7 billion ($1 billion). This expansion was fueled by a consistent recovery in the tourism industry, combined with strong domestic spending. Emaar’s UAE hotels increased their average occupancy to 79% while maintaining their ADR levels. Emaar expanded its hotel portfolio, both domestically and internationally, adding four hotels with approximately 500 keys in 2024.
Recurring revenue
Emaar’s diverse and sustainable revenue-generating portfolio, which includes malls, hospitality, leisure, entertainment, and commercial leasing, delivered positive results in 2024. The portfolio reported revenues of AED9.3 billion ($2.5 billion), a more than 8% increase over the previous year (excluding Namshi, which was sold in February 2023, and a one-time revenue adjustment in 2023) and EBITDA of AED7.1 billion ($1.9 billion). EBITDA from this portfolio accounted for 37% of Emaar’s total EBITDA in 2024.
