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Emaar hits record sales in 2024 after launch of 62 projects

By Pramod Kumar
One of Emaar's properties on The Dubai Mall waterfront. Emaar Development, a subsidiary focused only on developments in the UAE, launched 62 projects last year Alamy via Reuters
One of Emaar's properties on The Dubai Mall waterfront. Emaar Development, a subsidiary focused only on developments in the UAE, launched 62 projects last year
  • Emaar sales reach $19bn
  • Share price up 70% from 2024
  • Positive forecast for 2025

Sales at Emaar Properties, Dubai’s largest listed developer by market capitalisation, hit an all-time high of AED70 billion last year ($19 billion), while revenues reached AED36 billion, the company has reported.

A revenue backlog from sales of property which has not yet been delivered exceeded AED110 billion, up 55 percent year on year. This indicates the potential for strong revenue growth, Emaar said. 

Net profit before tax rose 25 percent to AED19 billion in 2024, driven by the 33 percent year-on-year increase in the top line.

Before the announcement shares in the company, listed on the Dubai Financial Market since 2000, closed 2.5 percent lower at AED13.70 on Thursday. The share price is up 70 percent year on year.

Emaar Development, a subsidiary that is focused solely on developments in the UAE, launched 62 projects across all plans, with property sales growing 75 percent year on year to AED65 billion.

The consolidated revenue of the parent company from its property development business in the UAE stood at AED24 billion, including Dubai Creek Harbour.

Revenue from shopping malls, retail and commercial leasing operations reached AED6 billion as average occupancy across malls reached 99 percent as of December 31, 2024.

Mohamed Alabbar, founder of Emaar, said the company expects positive performance from shopping centres, hotels and property sales in 2025, followed by new project launches and offerings across all business divisions.

Emaar proposed the highest-ever dividend of AED9 billion for 2024, a 100 percent increase from 2023. 

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