Emaar Properties Achieves Record-Breaking Growth in 2024
Dubai, United Arab Emirates – February 13, 2025: Emaar Properties PJSC (DFM: EMAAR) has delivered its strongest performance to date in 2024. The company’s commitment to innovation, customer satisfaction, and efficiency has resulted in record-breaking revenue, profits, and sales.
Impressive Sales and Revenue Growth
Emaar achieved its highest-ever property sales of approximately AED 70 billion (US$ 19 billion). This reflects a 72% increase from AED 40.3 billion (US$ 11 billion) in 2023. The company also recorded its highest-ever revenue of AED 35.5 billion (US$ 9.6 billion), marking a 33% year-on-year increase.
Strong Profitability and Dividend Increase
The company reported its highest-ever net profit before tax at AED 18.9 billion (US$ 5.1 billion), a 25% increase from the previous year. EBITDA surged to AED 19.3 billion (US$ 5.2 billion), reflecting a strong 54% margin. Emaar also announced its highest-ever proposed dividend of 100% of share capital. This amounts to AED 8.8 billion, doubling its 2023 payout.
Expansion and Development Milestones
Emaar continued its aggressive expansion strategy by acquiring 141 million square feet of prime development land in Dubai. The total development value reached AED 96 billion. The company successfully launched 62 new projects across all master-planned communities in the UAE.
Record-High Revenue Backlog
The company’s revenue backlog from property sales exceeded AED 110 billion (US$ 30 billion), increasing by 55% from 2023. This ensures strong revenue visibility for the coming years. Emaar Development PJSC (DFM: EMAARDEV) reported property sales of AED 65.4 billion (US$ 17.8 billion), marking a 75% growth compared to 2023.
Retail and Shopping Mall Growth
Emaar’s shopping malls and retail operations recorded revenue of AED 5.6 billion (US$ 1.5 billion) in 2024. Tenant sales increased by 7%, contributing to this growth. Dubai Mall remained dominant, welcoming 111 million visitors. This made it the most visited place on Earth for the second consecutive year. A major AED 1.5 billion expansion was announced, adding 240 luxury stores and dining outlets.
International Business Performance
Emaar’s international operations achieved property sales of AED 4.1 billion (US$ 1.1 billion), reflecting a 40% increase over 2023. Revenue from these operations reached AED 2.7 billion (US$ 735 million), driven by strong performances in Egypt and India.
Hospitality, Leisure, and Entertainment Growth
Emaar’s hospitality and leisure division recorded revenues of AED 3.7 billion (US$ 1 billion) in 2024. Hotel occupancy rose to 79%, with sustained ADR levels. The company expanded its hospitality portfolio, adding four new hotels with 500 keys.
Commitment to Sustainability and Customer Satisfaction
Emaar reinforced its commitment to sustainability. The company implemented enhanced waste management, water stewardship, and responsible sourcing strategies. Additionally, it repaired all homes affected by unprecedented rainfall at no cost to homeowners, ensuring the highest level of customer satisfaction.
Outlook for 2025
Emaar remains focused on sustaining growth across all business segments. It plans to unveil innovative projects and maintain its leadership in Dubai’s real estate market. With a record backlog and strategic expansions, Emaar is well-positioned for another successful year in 2025.
