Dubai’s leading real estate giant, Emaar Properties PJSC has reported its highest-ever financial performance in 2024, recording an unprecedented Dh70 billion (US$ 19 billion) in property sales – marking a 72 percent increase from the previous year.
The group's backlog from property sales soared to Dh110 billion (US$ 30 billion), up by 55 percent from 2023, ensuring strong revenue growth for the coming years.
Revenue and profit hit new highs
Emaar’s total revenue for 2024 surged by 33 percent to Dh35.5 billion (US$ 9.6 billion), demonstrating the company's strategic expansion and operational efficiency. The company also recorded its highest-ever net profit before tax at Dh18.9 billion (US$ 5.1 billion) – a 25 percent increase compared to 2023.
EBITDA climbed to Dh19.3 billion (US$ 5.2 billion), reflecting a remarkable margin of 54 percent.
Dividend policy and expansion
In December 2024, Emaar introduced a new dividend policy, announcing its highest-ever proposed dividend of 100% of share capital, amounting to Dh8.8 billion – double the dividend from 2023. The group also expanded its land bank by acquiring 141 million square feet of prime development land in Dubai, with a total development value of Dh96 billion.
Customer satisfaction
Emaar’s unwavering focus on customer service was evident in 2024, with the company repairing all homes affected by unprecedented rainfall at its own cost. This initiative reinforced Emaar’s dedication to customer needs and service excellence. The company also prioritised sustainability, implementing comprehensive strategies for resource management, waste reduction, and environmental responsibility.
UAE property development performance
Emaar Development PJSC, the group's build-to-sell property development arm, sustained its momentum with Dh65.4 billion (US$ 17.8 billion) in property sales, a 75 percent increase from 2023. Revenue from this segment reached Dh19.1 billion (US$ 5.2 billion), growing by 61 percent, while net profit before tax increased 20 percent to Dh10.2 billion (US$ 2.8 billion).
Shopping malls and retail growth
Emaar’s shopping malls, retail, and commercial leasing divisions posted revenue of Dh5.6 billion (US$ 1.5 billion), with an EBITDA of Dh4.7 billion (US$ 1.3 billion).
Dubai Mall, the world’s most visited retail and lifestyle destination, recorded a 6 percent increase in footfall to 111 million visitors, maintaining its status as the most visited place on Earth for the second consecutive year. The company also announced a major Dh1.5 billion expansion of Dubai Mall, adding 240 new luxury stores and F&B outlets.
Emaar International operations
Emaar’s international real estate business delivered Dh4.1 billion (US$ 1.1 billion) in property sales, up 40 percent from 2023. The segment generated Dh2.7 billion (US$ 735 million) in revenue, primarily driven by strong performance in Egypt and India. International operations accounted for approximately 8 percent of Emaar’s total revenue in 2024.
Hospitality, leisure, and entertainment growth
Emaar’s hospitality, leisure, and entertainment segments saw significant expansion, generating Dh3.7 billion (US$ 1 billion) in revenue. With the UAE’s tourism industry experiencing strong recovery, Emaar’s hotels achieved an average occupancy rate of 79 percent. The company also expanded its hotel portfolio, adding four new hotels with around 500 keys in 2024.
Recurring revenue portfolio strength
Emaar’s diversified revenue streams, including malls, hospitality, leisure, entertainment, and commercial leasing, generated Dh9.3 billion (US$ 2.5 billion) in 2024. The segment’s EBITDA stood at Dh7.1 billion (US$ 1.9 billion), contributing 37 percent of Emaar’s total EBITDA.
Vision for the future
Mohamed Alabbar, founder of Emaar, emphasised the company’s commitment to pushing boundaries, achieving efficiency, and maintaining a strong customer focus. “Our record-breaking results in 2024 stem from our determination to exceed limits, double targets, and consistently innovate. This success is a testament to the trust our customers place in us and our relentless pursuit of excellence in design, quality, and service.”
Emaar remains optimistic about continued growth in 2025, with plans for further expansion across shopping centres, hotels, and property sales, along with the launch of innovative new projects that will strengthen its position as a global real estate leader.