Emaar Properties, Dubai’s largest listed developer, saw its 2024 net income increase by 16% on an annual basis, as the company’s revenue surged to record levels last year due to a sharp increase in property sales across its portfolio.
The company’s net profit attributable to its owners for the year ending December 31 increased to Dh13.5 billion ($3.67 billion), according to a statement issued on Thursday to the Dubai Financial Market, where its shares trade.
Revenue increased by 33% annually to Dh35.5 billion, its highest ever, as property sales reached a record Dh70 billion, up 72% from the same period in 2023.
The group’s revenue backlog from property sales surpassed Dh110 billion as of December 31, a 55% increase from 2023, indicating strong revenue growth in the coming years, according to Emaar.
“The company’s progress also reflects the emirate’s proactive economic strategies and its dedication to positioning Dubai as a global hub for innovation and investment,” Mohamed Alabbar, founder of Emaar, said.
Property companies in the emirate have maintained a strong growth momentum since recovering from the Covid-induced slowdown, despite continued economic growth in the emirate. Dubai’s economy expanded by 3.1% in the first nine months of last year compared to the same period in 2023, reaching Dh339.4 billion, with growth driven primarily by progress in several sectors, including the real estate sector.
Dubai recorded real estate deals worth Dh761 billion last year, up 20% from 2023, with the total number of transactions for the year increasing by 36% to 226,000, according to the most recent data provided by Dubai Media Office.
The UAE government’s initiatives, such as residency permits for retired and remote workers and the expansion of the 10-year golden visa programme, as part of its efforts to attract international investors, continued to support the property market.
Emaar Development, a majority-owned subsidiary that specializes in build-to-sell property development, reported property sales worth Dh65.4 billion over the one-year period, up 75% from 2023.
Its revenue increased 61% to Dh19.1 billion. It also announced 62 new projects across all master plans in the UAE.
Emaar’s shopping mall, retail, and commercial leasing operations generated Dh5.6 billion in revenue, driven by strong tenant sales growth of more than 7% compared to 2023, as well as increased occupancy.
As of December 31, its mall assets had an average occupancy rate of 98.5 percent, with Dubai Mall attracting 111 million visitors, a 6% increase over 2023.
Emaar’s international real estate operations recorded property sales of Dh4.1 billion, a 40% increase over 2023, driven primarily by Egypt and India operations, with revenue of Dh2.7 billion.
