Dubai – Emaar Properties, Dubai’s largest publicly listed developer by market capitalization, achieved a record-breaking AED70 billion ($19 billion) in sales for 2024, while total revenue reached AED36 billion, the company announced.
The backlog of undelivered property sales surged to over AED110 billion, marking a 55% increase year-on-year, signaling strong potential for future revenue growth, according to Emaar.
Net profit before tax climbed 25% to AED19 billion in 2024, fueled by a 33% annual increase in revenue.
Ahead of the announcement, Emaar’s shares—trading on the Dubai Financial Market since 2000—closed 2.5% lower at AED13.70 on Thursday. However, the stock remains up 70% year-on-year.
Emaar Development, the UAE-focused subsidiary, launched 62 projects across all segments, with property sales surging 75% year-on-year to AED65 billion.
The parent company’s consolidated revenue from UAE property development, including Dubai Creek Harbour, reached AED24 billion. Meanwhile, revenue from shopping malls, retail, and commercial leasing hit AED6 billion, with an impressive 99% average mall occupancy as of December 31, 2024.
Mohamed Alabbar, Emaar’s founder, expressed optimism for 2025, citing strong expectations for shopping centers, hotels, and property sales, alongside new project launches across all business segments.
For 2024, Emaar has proposed a record-high dividend payout of AED9 billion, doubling the distribution from 2023.
