Emaar’s Record-Breaking 2024: $9.6 Billion Revenue & $5.1 Billion Profit

Emaar Properties (DFM: EMAAR) delivered its best financial performance ever in 2024, achieving record-breaking revenue, profit, and property sales. The company’s bold vision, operational efficiency, and customer-first approach have solidified its position as a global leader in real estate and lifestyle development.

Let’s break down the company’s financial highlights, key growth drivers, and future outlook.

Financial Performance at a Glance

Metric	2024 Figures	% Growth (YoY)
Revenue	$9.6B (AED 35.5B)	33%
EBITDA	$5.2B (AED 19.3B)	N/A
Net Profit (Before Tax)	$5.1B (AED 18.9B)	25%
Total Property Sales	$19B (AED 70B)	72%
Sales Backlog	$30B (AED 110B)	55%
Dividends	AED 8.8B (100% of share capital)	100%

 

• EBITDA Margin: 54%, reflecting strong operational efficiency
• Recurring Revenue: $2.5 billion (AED 9.3 billion), +8% YoY

Emaar’s robust financial results were fueled by record property sales, strong rental income, and a booming tourism industry.

What Drove Emaar’s Success in 2024?

Unmatched Property Sales Growth

One of the biggest contributors to Emaar Properties revenue and profit was its record-breaking property sales performance:

UAE Property Sales:

• Sales hit $17.8 billion (AED 65.4 billion), a 75% increase from 2023.
• This was driven by 62 new project launches, including Dubai Creek Harbour and other master-planned communities.
• Total revenue from UAE real estate development: $6.4 billion (AED 23.5 billion).

International Property Sales:

• Sales grew 40% to $1.1 billion (AED 4.1 billion), led by Egypt and India.
• Revenue from international operations reached $735 million (AED 2.7 billion).
• International operations accounted for 8% of Emaar’s total revenue.

Property Sales Backlog:

• $30 billion (AED 110 billion) as of December 31, 2024.
• +55% YoY increase, ensuring strong revenue visibility in coming years.

Why is this important?

Emaar’s 72% increase in total property sales secured massive future revenue potential, ensuring steady income growth.

Shopping Malls, Retail & Commercial Leasing

Emaar’s shopping malls, retail, and commercial leasing divisions contributed $1.5 billion (AED 5.6 billion) in revenue, with strong growth in:

Dubai Mall’s Unstoppable Growth:

• Foot traffic reached 111 million visitors (+6%), making it the world’s most-visited place for the second year in a row.
• Retail occupancy rates hit 98.5%, showing strong demand.

Tenant Sales & Leasing Performance:

• Tenant sales grew 7% YoY.
• EBITDA from retail operations: $1.3 billion (AED 4.7 billion).

Major Expansion Plans:

Emaar announced a $1.5 billion expansion of Dubai Mall, adding 240 luxury shops & F&B outlets.

Why is this important?

With Dubai Mall’s expansion, Emaar is poised to strengthen its dominance in global retail real estate.

Hospitality, Leisure & Entertainment

Emaar’s hospitality and leisure division posted $1 billion in revenue, driven by:

Tourism Boom & Higher Hotel Occupancy:

• 79% average hotel occupancy across Emaar’s UAE hotels.
• Strong domestic spending and global tourism recovery.
• 4 new hotels added (500 rooms), expanding the portfolio.

Why is this important?

With Dubai’s tourism industry rebounding, Emaar’s hospitality segment is set for continued growth.

Strategic Land Acquisitions for Future Growth

141 million sq. ft. of prime development land was acquired in Dubai, with a development value of $26 billion (AED 96 billion).

Why is this important?

This massive land acquisition secures future growth potential, allowing Emaar to sustain its dominance in the UAE market.

Emaar’s Winning Strategies

Customer-Centric Approach

Emaar’s commitment to customer satisfaction was highlighted by its proactive response to unforeseen weather events:

When unexpected rainfall damaged some properties, Emaar repaired them at no cost to residents, reinforcing brand trust and customer loyalty.

Operational Efficiency & Cost Management

Emaar maintained strong profitability despite business expansion, thanks to efficient resource allocation and cost optimization.

Investment in Young Talent

Emaar is focusing on developing UAE’s young workforce, training them for leadership roles in the company.

Commitment to Sustainability

The company is implementing a sustainability strategy, focusing on:

• Resource efficiency
• Waste management
• Water conservation
• Responsible sourcing

Global Expansion & Diversification

India and Egypt remain key growth markets, with increasing demand for Emaar’s high-end developments.

Future Outlook: What’s Next for Emaar?

• $30 Billion Sales Backlog → Ensures strong revenue in coming years
• Dubai Mall Expansion ($1.5B) → Adding luxury stores & F&B outlets
• Continued Global Expansion → Increasing investments in India, Egypt & international markets
• Hospitality Growth → Expansion into premium hotels & leisure experiences
• Dubai’s Economic Strategy → Government-backed policies supporting real estate & tourism

Mohamed Alabbar, founder of Emaar, stated:

“We are really pleased with our 2024 results. Our success comes from the trust and confidence of our customers and our relentless efforts to go beyond the norm in product design, delivery quality, superior community maintenance, and customer service.”

The Bottom Line

Emaar’s record-breaking performance in 2024 highlights its operational excellence, strategic growth, and customer-first approach.
With a strong backlog, aggressive expansion, and continued innovation, Emaar is well-positioned for even greater success in 2025 and beyond.
Would you like an in-depth analysis of Emaar’s future investment potential or a breakdown of Dubai’s real estate trends? 😊