Dubai – Binghatti Holding Limited, a leading luxury real estate developer in the UAE, reported a record-breaking profit of AED 1.83 billion for the year 2024, marking a 152% increase compared to AED 0.73 billion in 2023.
In a statement released on Tuesday, the company attributed this exceptional growth to the rising demand for luxury properties in Dubai and the successful launch of new projects, which resulted in the highest sales figures in Binghatti’s history. Total sales surged to AED 11.6 billion, while revenues skyrocketed to AED 6.3 billion, reflecting a remarkable 200% increase.
Last year 2024 witnessed significant expansion in Binghatti’s project portfolio, leading to an 182% surge in accumulated revenues, which reached nearly AED 10 billion by the end of the year, compared to AED 3.4 billion in 2023.
This growth was driven by the launch of 16 new projects, adding 11,750 residential units to the market, as well as the delivery of 3,700 units across 10 other projects, showcasing Binghatti’s strong execution capabilities.
As part of its expansion strategy, Binghatti issued $500 million in Sukuk bonds, which have been listed on both the London Stock Exchange and Nasdaq Dubai.
Looking ahead, the company aims to sustain its rapid growth by acquiring over 13 million square feet of prime land in Dubai, with future development projects expected to exceed AED 26 billion in total value.
With its aggressive expansion plans and record-setting performance, Binghatti continues to reinforce its position as a major player in Dubai’s luxury real estate market.
