Emaar Achieves Record Year with $9.6 Billion in Revenue and $5.1 Billion in Profit

Dubai’s real estate market stands as a global leader in growth, resilience, and innovation, solidifying the city as a premier destination for luxury living and secure investments. 

In a testament to this Emaar Properties, a key driver of this growth, has consistently proven its market leadership. In 2024, the company achieved remarkable financial success, recording its highest-ever revenue, profitability, and dividend payouts, marking a significant milestone in its ongoing success.

Financial Performance

Emaar’s financial results for 2024 reflect an exceptional year of expansion and resilience. The company reported a record revenue of AED35.5 billion ($9.6 billion), marking a 33% increase compared to the previous year. Net profit before tax surged to AED18.9 billion ($5.1 billion), a 25% rise from 2023. This outstanding performance highlights Emaar’s operational efficiency, customer-centric approach, and dedication to excellence in construction and innovation.

Strong Property Sales and Backlog Growth

Emaar achieved its highest-ever property sales in 2024, reaching AED70 billion ($19 billion). This represents an impressive 72% increase compared to 2023, when sales stood at AED40.3 billion ($11 billion). This surge in demand has also driven the company’s revenue backlog from property sales to AED110 billion ($30 billion) as of December 21, 2024—a 55% increase from the previous year. These figures indicate sustained revenue growth in the years to come, further solidifying Emaar’s market dominance.

Dividend Payout

In December 2024, Emaar announced a new dividend policy, proposing its highest-ever dividend payout of 100% of share capital. This amounts to AED8.8 billion, doubling the dividend distribution from the previous year. This move reinforces Emaar’s commitment to delivering exceptional returns to its shareholders, reflecting its confidence in continued financial strength.

Strategic Expansion and Business Growth

Emaar continues to expand its footprint in Dubai with significant land acquisitions. In 2024, the company secured 141 million square feet of prime development land, with a total development value of AED96 billion. This strategic move ensures a strong pipeline of future projects that will drive long-term growth and innovation in Dubai’s real estate sector.

Commitment to Customer Satisfaction

Emaar’s success is deeply rooted in its customer-first approach. In 2024, the company took a proactive step in addressing the aftermath of unprecedented rainfall, covering the cost of repairing all affected homes. This dedication to customer satisfaction, product quality, and superior service has been instrumental in strengthening Emaar’s reputation and fostering long-term client relationships.

Strong Build-to-Sell Market

Emaar Development sustained its growth momentum in 2024, with the successful launch of 62 new projects across all master-planned communities in the UAE. The company recorded property sales of AED65.4 billion ($17.8 billion), marking a 75% increase compared to 2023. 

Revenue from this segment reached AED19.1 billion ($5.2 billion), reflecting a 61% rise year-on-year. Net profit before tax stood at AED10.2 billion ($2.8 billion), a 20% increase from the previous year. The consolidated revenue from UAE property development, including Dubai Creek Harbour, reached AED23.5 billion ($6.4 billion), with a revenue backlog of AED102.7 billion ($28 billion) as of December 31, 2024 a 65% year-on-year growth.

Expanding Retail and Commercial Leasing Portfolio

Emaar’s retail and commercial leasing operations also experienced robust growth in 2024, recording revenues of AED5.6 billion ($1.5 billion). The segment’s EBITDA reached AED4.7 billion ($1.3 billion), driven by a 7% increase in tenant sales and a 98.5% occupancy rate across its mall assets. 

Dubai Mall maintained its position as the most visited place for the second consecutive year, attracting 111 million visitors in 2024, a 6% increase from the previous year. To further enhance its retail dominance, Emaar announced a major expansion of Dubai Mall, investing AED1.5 billion ($408 million) to add 240 new luxury stores and food and beverage outlets.

International Real Estate Success

Emaar’s international real estate operations delivered strong results, recording property sales of AED4.1 billion ($1.1 billion) in 2024, a 40% increase from the previous year. Revenue from international operations stood at AED2.7 billion ($735 million), with significant contributions from Egypt and India. These markets continue to play a vital role in Emaar’s global expansion, representing 8% of the company’s total revenue for the year.

Booming Hospitality

Emaar’s hospitality, leisure, and entertainment divisions achieved revenues of AED3.7 billion ($1 billion) in 2024. This growth was fueled by a robust tourism industry recovery and strong domestic spending. Emaar’s UAE hotels recorded an average occupancy rate of 79%, maintaining stable ADRs. The company also expanded its hotel portfolio, adding four new properties with approximately 500 keys both locally and internationally.

Emaar’s impressive performance serves as a clear reflection of its unwavering commitment to innovation and customer satisfaction. At One Investments, we understand the importance of leveraging opportunities in a rapidly evolving economy. Our approach is centered on identifying investment prospects that align with the distinct needs of investors, offering a perfect balance of luxury and modern convenience.

Whether investors aim to reconnect with their roots or secure high-value real estate, the properties we offer stand as prime opportunities with significant investment potential.