Category: Business Segments

Property Sales recorded impressive 72% increase amounting to ~AED 70 billion (US$ 19 billion); Backlog crosses AED 110 billion (US$ 30 billion)

  • Revenue increased by 33% to AED 35.5 billion (US$ 9.6 billion)
  • EBITDA surged to an impressive AED 19.3 billion (US$ 5.2 billion), reflecting a remarkable margin of 54%
  • Net profit before tax increased by 25% to AED 18.9 billion (US$ 5.1 billion)

Dubai, United Arab Emirates – February 13, 2025: In 2024, Emaar Properties PJSC (DFM: EMAAR) delivered its strongest performance ever, driven by a bold determination to challenge conventional limits. This achievement underscores the group’s operational efficiency, steadfast work ethic, customer-centric approach, construction excellence, and innovative spirit.

Key Highlights of the Annual Results:

  • Sales Growth: Emaar achieved its highest ever property sales of ~AED 70 billion (US$ 19 billion); an increase of 72% over 2023 sales of AED 40.3 billion (US$11 billion).
  • Backlog Growth: Bolstered by record property sales in 2024, the group’s revenue backlog from property sales surpassed AED 110 billion (US$ 30 billion) as of 31 December 2024 – marking a 55% increase from 2023 and indicating robust revenue growth for the coming years.
  • Revenue Growth: Emaar recorded highest ever Revenue amounting to AED 35.5 billion (US$ 9.6 billion) in 2024, a 33% increase compared to the previous year.
  • Profitability: The company also recorded its highest ever Net Profit (before tax) at AED 18.9 billion (US$ 5.1 billion); an increase of 25% as compared to 2023.
  • Dividend: In December 2024, Emaar announced a new dividend policy as well as its highest ever proposed dividend of 100% of share capital for 2024 amounting to AED 8.8 billion, an increase of 100% from 2023.
  • Business Expansion: Acquired 141 million square feet of development land in prime area in Dubai with a total development value of AED 96 billion during the year.
  • Customer Satisfaction: In 2024, Emaar repaired all homes affected by unprecedented rain at its own cost. Our results are due to this unwavering focus on the customer requirements, product and service quality to achieve highest customer satisfaction.
  • Young Talent development for future: Investing in our people is a priority. We are committed to providing training and development opportunities to nurture young UAE National talent, foster a culture of excellence and get them ready to take leadership roles in Emaar in near future.
  • Focus on cost and efficiencies: The Group is passionate about managing its costs in most efficient and optimised manner. The costs are maintained even with significantly increased business through efficient use of resources and innovation.
  • Sustainability: The Group is establishing a detailed strategy in respect of sustainability, and we focus on resource use, waste management, water stewardship, and responsible sourcing while promoting environmental responsibility through various initiatives.

Mohamed Alabbar, founder of Emaar, stated, “We are really pleased with our 2024 results which is a result of us pushing our limits, doubling our targets, achieving the best efficiencies and working hard with complete focus on our customers. Our success is a result of the trust and confidence of our customers and our utmost efforts to go beyond the norm in terms of our product design, delivery quality, superior maintenance of our communities and effective customer service.

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.

With these results, we look forward to a continued positive performance in our shopping centres, hotels, and property sales in 2025. We remain committed to unveiling innovative projects and unparalleled offerings across all our business divisions.”

UAE Build-To-Sell Property Development

Emaar Development PJSC (DFM: EMAARDEV), sustained its property sales momentum in 2024. With the successful launch of 62 new projects across all master plans in the UAE, Emaar’s property development business in the UAE achieved property sales of AED 65.4 billion (US$ 17.8 billion), reflecting a growth of 75% compared to 2023.

In 2024, Emaar Development reported revenue of AED 19.1 billion (US$ 5.2 billion) with 61% increase over 2023 and achieved Net Profit before Tax of AED 10.2 billion (US$ 2.8 billion), marking a 20% growth compared to 2023. The consolidated revenue of Emaar Properties from its property development business in the UAE during 2024 reached AED 23.5 billion (US$ 6.4 billion), including Dubai Creek Harbour.

Revenue backlog from property sales in the UAE increased to AED 102.7 billion (US$ 28 billion) as of 31 December 2024, representing a Y-o-Y growth of around 65%.

Shopping Mall, Retail, and Commercial Leasing

Emaar’s shopping malls, retail, and commercial leasing operations recorded revenue of AED 5.6 billion (US$ 1.5 billion) in 2024. During the same period, the portfolio achieved an EBITDA of AED 4.7 billion (US$ 1.3 billion). This performance is primarily attributed to robust growth in tenant sales, which saw an increase of over 7% compared to 2023 and increased occupancy. Our mall assets achieved an average occupancy of 98.5% as of 31 December 2024. Dubai Mall recorded a footfall of 111 million during the year, an increase of around 6% over 2023, becoming the most visited place on Earth for the second consecutive year.

In 2024, Emaar Properties announced a monumental expansion of Dubai Mall with an investment of AED 1.5 billion and including 240 new luxury stores and food and beverage outlets.

Emaar International

Emaar’s international real estate operations recorded property sales of AED 4.1 billion (US$ 1.1 billion) in 2024, an increase of 40% over 2023. The revenue amounted to AED 2.7 billion (US$ 735 million). The performance of international operations in 2024 was primarily driven by Egypt & India. Revenues from international real estate operations represent ~8% of Emaar’s total revenue in 2024.

Hospitality, Leisure, and Entertainment

In 2024, Emaar’s hospitality, leisure, and entertainment divisions recorded revenues of AED 3.7 billion (US$ 1 billion). This growth was driven by a consistent recovery in the tourism industry, coupled with strong domestic spending. Emaar’s UAE hotels increased its average occupancy to 79% and sustained its ADRs level. Emaar expanded its collection of hotels, both domestically and internationally, and added 4 hotels with around 500 keys in 2024.

Recurring Revenue

Emaar’s diverse and sustainable revenue-generating portfolio, encompassing malls, hospitality, leisure, entertainment, and commercial leasing, achieved positive results in 2024. The portfolio recorded revenues totalling AED 9.3 billion (US$ 2.5 billion), showcasing a growth of more than 8% compared to the previous year (excluding Namshi, sold in February 2023 and one-off revenue adjustment in 2023) and an EBITDA of AED 7.1 billion (US$ 1.9 billion). EBITDA from this portfolio constituted 37% of Emaar’s total EBITDA in 2024.

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Note to Editors:

About Emaar Properties

Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer and provider of premium lifestyles, with a significant presence in the Middle East, North Africa, and Asia. One of the world’s largest real estate companies, Emaar has a land bank of ~1.7 billion sq. ft. in the UAE and key international markets.

With a proven track-record in delivery, Emaar has delivered over 118,400 residential units in Dubai and other global markets since 2002. Emaar has strong recurring revenue-generating assets with approx. 1.4 million sq. mtr. of leasing revenue-generating assets and 38 hotels and resorts with around 9,200 keys (includes owned as well as managed hotels). Today, 34 percent of Emaar’s revenue is from its shopping malls, hospitality, leisure, entertainment, commercial leasing, and international businesses.

Burj Khalifa, a global icon, Dubai Mall, the world’s most-visited retail and lifestyle destination, and Dubai Fountain, the world’s largest performing fountain, are among Emaar’s trophy destinations.

Follow Emaar on:
Facebook: www.facebook.com/emaardubai; X:www.twitter.com/emaardubai; Instagram: www.instagram.com/emaardubai

For all media queries, please contact: PR@emaar.ae

  • Starting in May, the iconic attraction will be closed for five months

Dubai, United Arab Emirates, 5 February 2025: Emaar has announced the temporary closure of Dubai Fountain, the world’s largest performing fountain, located at Downtown Dubai, to undergo a comprehensive upgrade and routine upkeep. The renovation will commence in May and is expected to take five months to complete.

For years, Dubai Fountain has been the heartbeat of Downtown Dubai, captivating millions of visitors with its synchronised water, music, and light performances. As a symbol of celebration and artistry, it has set the stage for unforgettable moments, applauded by audiences from all over the world.

This enhancement will ensure that the fountain continues to deliver breathtaking performances, elevating the visitor experience with even more mesmerising displays. The upgrades will include advanced technology, improved choreography, and an enhanced sound and lighting system, all designed to create an even more spectacular and immersive show. While the fountain takes a short break for these essential improvements, guests can still immerse themselves in the vibrant offerings of Downtown Dubai, from its world-class shopping and dining experiences at Dubai Mall to its stunning views of Burj Khalifa.

Commenting on the upgrade, Mr. Mohamed Alabbar, Founder of Emaar, stated: “Dubai Fountain is more than a spectacle—it is a reflection of Dubai’s soul, where art, innovation, and emotion come together in perfect harmony. As we elevate this iconic landmark, we continue to create experiences that connect people, inspire wonder, and stand the test of time.”

Emaar remains committed to delivering exceptional experiences, and is excited to unveil an even more spectacular Dubai Fountain upon its return. The fountain’s temporary closure will allow for the necessary improvements to preserve its iconic status as one of the world’s most celebrated water features, ensuring that it remains a cherished destination for years to come.

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About Emaar Properties

Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer and provider of premium lifestyles, with a significant presence in the Middle East, North Africa, and Asia. One of the world’s largest real estate companies, Emaar has a land bank of ~1.7 billion sq. ft. in the UAE and key international markets.

With a proven track-record in delivery, Emaar has delivered over 118,400 residential units in Dubai and other global markets since 2002. Emaar has strong recurring revenue-generating assets with approx. 1.4 million sq. mtr. of leasing revenue-generating assets and 38 hotels and resorts with around 9,200 keys (includes owned as well as managed hotels). Today, 34 percent of Emaar’s revenue is from its shopping malls, hospitality, leisure, entertainment, commercial leasing, and international businesses.

Burj Khalifa, a global icon, Dubai Mall, the world’s most-visited retail and lifestyle destination, and Dubai Fountain, the world’s largest performing fountain, are among Emaar’s trophy destinations.

Follow Emaar on:
Facebook: www.facebook.com/emaardubai; X:www.twitter.com/emaardubai; Instagram: www.instagram.com/emaardubai

For all media queries, please contact: PR@emaar.ae

  • A 9-Minute Masterpiece of Original Music, Lights, Lasers, and Fireworks
  • Live Performances Across Downtown Dubai Build Anticipation for the Main Show

Dubai, United Arab Emirates, 09 Dec 2024 – An international team of over 110 experts from 11 countries has come together to create the most captivating New Year’s Eve celebration in Dubai’s history. Beyond Dreams is a stunning 9-minute performance designed to dazzle audiences worldwide with original music, dynamic light displays, cutting-edge lasers, and explosive fireworks. This extraordinary collaboration will transform Burj Khalifa into not just a towering icon but a symbol of unity, creativity, and technological prowess.

Months of preparation culminated in a show that blends artistry with innovation. Leading up to the main performance, a vibrant lineup of live entertainment—including live music, urban dancers, dynamic drummers, and stunning roving performers—will enliven Burj Park, Dubai Opera Gardens, and Mohammed Bin Rashid Boulevard.

As the final moments of 2024 unfold, the countdown to midnight will ignite a wave of anticipation across Downtown Dubai. The dazzling spectacle will crescendo as the clock strikes twelve. the Beyond Dreams finale promises to transform Burj Khalifa, with its recently upgraded LED façade, into a spectacular canvas of light and sound. Over 15,600 pyrotechnic elements, together with more than 200 state-of-the-art light beams and lasers will create a visually striking and emotionally resonant journey. The show will be a symbol of transformation, unity, and limitless possibilities for the year ahead.

The live broadcast begins at 5:00 PM GST (1:00 PM GMT), with large screens across Downtown Dubai allowing visitors to experience the show from key locations. A global audience can tune in to the live stream at 8:30 PM GST (4:30 PM GMT) on Emaar’s official online channels to witness this remarkable celebration.

The opportunity to experience this extraordinary event in person is still available. Tickets can be purchased at https://mydubainewyear.emaar.com/en/. Attendees will have the chance to witness all the NYE magic from some of the most iconic vantage points in Downtown Dubai. The unique celebration will blend art, innovation, and community spirit, offering an unforgettable way to welcome the new year.

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About Emaar Properties

Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer and provider of premium lifestyles, with a significant presence in the Middle East, North Africa, and Asia. One of the world’s largest real estate companies, Emaar has a land bank of over 1.7 billion sq. ft. in the UAE and key international markets.

With a proven track-record in delivery, Emaar has delivered approx. 117,000 residential units in Dubai and other global markets since 2002. Emaar has strong recurring revenue-generating assets with approx. 1.4 million sq. mtr. of leasing revenue-generating assets and 38 hotels and resorts with around 9,200 keys (includes owned as well as managed hotels). Today, 36 percent of Emaar’s revenue is from its shopping malls, hospitality, leisure, entertainment, commercial leasing, and international businesses.

Burj Khalifa, a global icon, Dubai Mall, the world’s most-visited retail and lifestyle destination, and Dubai Fountain, the world’s largest performing fountain, are among Emaar’s trophy destinations.

Follow Emaar on:
Facebook: www.facebook.com/emaardubai; X:www.twitter.com/emaardubai; Instagram: www.instagram.com/emaardubai

For all media queries, please contact: PR@emaar.ae

Initial Investors Quadruple their Investment Value

United Arab Emirates, DUBAI – 13 December 2024: Emaar Properties PJSC has announced its decision to distribute 100% of its share capital as dividends for the year 2024 amounting to AED 8.8 billion (US$ 2.4 billion), reinforcing its commitment to delivering exceptional value to shareholders. This is an 100% increase in dividend paid for 2023 of AED 4.4 billion (US$ 1.2 billion). This significant milestone reflects Emaar’s robust financial performance and dedication to investor satisfaction.

This year’s dividend distribution will result in the total value of initial investments growing almost four times since the company’s inception, marking a remarkable achievement for both Emaar and its investors. This accomplishment underscores Emaar’s consistent ability to generate substantial returns while pursuing growth and innovation.

Emaar’s outstanding performance in 2024 builds upon a legacy of success in previous years. The company’s property sales have reached record levels, driven by innovative developments, strong customer confidence, and a strategic focus on quality and market expansion. These results highlight Emaar’s role as a key contributor to Dubai’s real estate sector and the broader economy.

Closely linked to Dubai’s visionary policies, which create a dynamic business environment and encourage sustainable growth, the company’s progress 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 Properties, commented: “At Emaar, our priority has always been to create exceptional value for our shareholders, and this year’s 100% dividend distribution is a clear reflection of that commitment. We’re thrilled to see our early investors realise returns that have multiplied four times. This achievement highlights the trust placed in Emaar’s vision and our relentless focus on innovation, operational excellence, and delivering world-class developments that enhance lives and contribute to Dubai’s standing on the global stage.”

This success aligns with Emaar’s long-term strategy to consistently enhance shareholder value while expanding its presence in key markets. By embracing digital transformation, prioritising sustainability, and investing in its workforce, Emaar ensures it remains at the forefront of innovation and excellence within the industry.
For more information on Emaar Properties and its financial performance, please visit emaar.com/en/investor-relations.

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Note to Editors:

About Emaar Properties

Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer and provider of premium lifestyles, with a significant presence in the Middle East, North Africa, and Asia. One of the world’s largest real estate companies, Emaar has a land bank of over 1.7 billion sq. ft. in the UAE and key international markets.

With a proven track-record in delivery, Emaar has delivered approx. 117,000 residential units in Dubai and other global markets since 2002. Emaar has strong recurring revenue-generating assets with approx. 1.4 million sq. mtr. of leasing revenue-generating assets and 38 hotels and resorts with around 9,200 keys (includes owned as well as managed hotels). Today, 36 percent of Emaar’s revenue is from its shopping malls, hospitality, leisure, entertainment, commercial leasing, and international businesses.

Burj Khalifa, a global icon, Dubai Mall, the world’s most-visited retail and lifestyle destination, and Dubai Fountain, the world’s largest performing fountain, are among Emaar’s trophy destinations.

Follow Emaar on:
Facebook: www.facebook.com/emaardubai; X:www.twitter.com/emaardubai; Instagram: www.instagram.com/emaardubai

For more information:
Email: PR@emaar.ae

  • Dynamic RGBW lighting brings new life to the structure’s visual identity
  • Lighting transformation to debut during Eid Al Etihad celebrations

Dubai, United Arab Emirates, 28 November 2024: Emaar Properties has announced the completion of a revolutionary façade lighting upgrade for Burj Khalifa, the tallest building in the world. This dynamic RGBW lighting system, integrating cutting-edge technology with the building’s architectural artistry, will debut during the UAE’s Eid Al Etihad celebrations on December 1, 2024, and set the stage for Burj Khalifa’s 15th anniversary on January 4, 2025.

The upgrade transforms the iconic façade into a stunning visual spectacle, offering a wide spectrum of vibrant colours and effects, enhancing the guest experience while reinforcing Dubai’s status as a global leader in innovation and design excellence.

The process was carefully coordinated, with a six-month mock-up testing to ensure seamless integration. The upgraded system features dynamic RGBW technology, replacing static lights with colour-changing, addressable fixtures to create complex lighting effects. Without compromising Burj Khalifa’s sleek design, the system can create dynamic lighting scenes, from festive displays to everyday illuminations, complementing the tower’s media screen and adapting to various occasions and celebrations.

Mr Ahmad Al Matrooshi, Executive Director, Emaar Properties, said: “Burj Khalifa has always stood as a beacon of what is possible when vision meets innovation. This lighting overhaul is a testament to our continuous pursuit of excellence and a tribute to the UAE’s spirit of progress. As we unveil this stunning upgrade during Eid Al Etihad celebrations and approach the tower’s 15th anniversary, this transformation marks a new chapter in its legacy, reaffirming Dubai as a city of boundless ambition.”

The lighting system not only enhances Burj Khalifa’s visual presence but also strengthens its position as a global icon of architectural brilliance and a symbol of modern design innovation. By perfectly blending technology with artistry, this project sets a new benchmark for architectural lighting and promises to inspire future projects worldwide.

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About Emaar Properties

Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer and provider of premium lifestyles, with a significant presence in the Middle East, North Africa, and Asia. One of the world’s largest real estate companies, Emaar has a land bank of over 1.7 billion sq. ft. in the UAE and key international markets.

With a proven track-record in delivery, Emaar has delivered approx. 117,000 residential units in Dubai and other global markets since 2002. Emaar has strong recurring revenue-generating assets with approx. 1.4 million sq. mtr. of leasing revenue-generating assets and 38 hotels and resorts with around 9,200 keys (includes owned as well as managed hotels). Today, 36 percent of Emaar’s revenue is from its shopping malls, hospitality, leisure, entertainment, commercial leasing, and international businesses.

Burj Khalifa, a global icon, Dubai Mall, the world’s most-visited retail and lifestyle destination, and Dubai Fountain, the world’s largest performing fountain, are among Emaar’s trophy destinations.

Follow Emaar on:
Facebook: www.facebook.com/emaardubai; X:www.twitter.com/emaardubai; Instagram: www.instagram.com/emaardubai
For all media queries, please contact: PR@emaar.ae

  • Emaar Properties and DWTC join forces to form a joint venture to develop Expo Living, a new urban community in the heart of Dubai South
  • Terra Heights, the first residential phase, is now open for launch, offering one- and two-bedroom apartments with open layouts and views of green courtyards.
  • Spanning 451,295 square metres, the joint venture integrates residential units with retail and hospitality, including Expo Mall.
  • Aligned with Dubai’s 2040 Urban Plan, Expo Living integrates sustainable practices to enhance well-being and urban living.

Dubai, UAE – 14 November 2024: Emaar Properties and Dubai World Trade Centre (DWTC) have established a joint venture to develop Expo Living, a new residential lifestyle community at Expo City Dubai. Expo Living, a thoughtfully designed urban community will offer a modern lifestyle for residents seeking seamless connectivity, exceptional experiences, and serene living spaces. Terra Heights, the first residential phase of Expo Living, is now open for launch.

Expo Living’s strategic location ensures easy access to key destinations, placing residents just a 15-minute walk from Expo City and Dubai Exhibition Centre, which is set for an AED10 billion expansion that will increase the exhibition space from 58,000 sqm to 180,000 sqm by 2031, making it the largest indoor exhibition and events destination in the region, while being a short drive from Dubai’s upcoming mega gateway, Al Maktoum International Airport.

Emaar Properties and DWTC’s shared vision for the Expo Living development covers a total area of 451,295 square metres, including 358,473 square metres of residential spaces, complemented by Dubai Expo Mall, a contemporary shopping destination offering a curated selection of retail, dining, and leisure options.

Green parks, landscaped courtyards, and a variety of fitness facilities form the heart of the community, creating a balance between relaxation and social interaction. Residents can unwind at the yoga deck, enjoy the outdoor pools, or gather with friends at barbecue areas. With easy access to global events at Expo City and Dubai Exhibition Centre, Expo Living offers a seamless blend of dynamic urban life and serene living.

“Expo Living reflects our focus on creating places where people can connect, grow, and thrive,” said Mr Ahmed Al Matrooshi, Executive Director, Emaar Properties. “Its location, right next to Expo City and minutes from Al Maktoum International Airport, puts residents in the centre of its all. Whether for work, travel, or leisure, everything is within easy reach. With well-planned amenities and a design that encourages community living, Expo Living makes balancing the fast pace of Dubai with moment of peace effortless.”

“The joint venture between DWTC and Emaar Properties represents a significant step forward in expanding and enriching the vibrant, integrated community of Expo City Dubai”, said Amer Al Farsi, Acting Vice President of Real Estate Development at Dubai World Trade Centre. “This flagship development, together with Dubai Exhibition Centre and Expo Village, aligns with the Dubai 2040 Urban Master Plan to create a premier residential community within this urban hub, setting a new benchmark for connected and innovative urban living.”

Expo Living aligns with Dubai’s 2040 Urban Plan by integrating sustainable design elements that promote environmental responsibility and community well-being. Residents benefit from a balanced environment where retail, hospitality, and residential spaces are harmoniously connected.

Expo Living embodies the future of urban living—connecting residents to local and global opportunities while offering a lifestyle rooted in balance, sustainability, and well-being.

 

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About Emaar Properties

Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer and provider of premium lifestyles, with a significant presence in the Middle East, North Africa, and Asia. One of the world’s largest real estate companies, Emaar has a land bank of over 1.7 billion sq. ft. in the UAE and key international markets.

With a proven track-record in delivery, Emaar has delivered approx. 117,000 residential units in Dubai and other global markets since 2002. Emaar has strong recurring revenue-generating assets with approx. 1.4 million sq. mtr. of leasing revenue-generating assets and 38 hotels and resorts with around 9,200 keys (includes owned as well as managed hotels). Today, 36 percent of Emaar’s revenue is from its shopping malls, hospitality, leisure, entertainment, commercial leasing, and international businesses.

Burj Khalifa, a global icon, Dubai Mall, the world’s most-visited retail and lifestyle destination, and Dubai Fountain, the world’s largest performing fountain, are among Emaar’s trophy destinations.

Follow Emaar on:
Facebook: www.facebook.com/emaardubai; X:www.twitter.com/emaardubai; Instagram: www.instagram.com/emaardubai

For all media queries, please contact: PR@emaar.ae

About Dubai World Trade Centre (DWTC)

A global business facilitator since 1979, Dubai World Trade Centre (DWTC) is home to the region’s leading purpose-built convention and exhibition centre. DWTC provides a platform for connecting people, products, innovation and ideas from around the world through a dynamic calendar of international trade exhibitions and its own roster of sector leading mega events. As a designated free zone, complemented by award-winning commercial real estate, DWTC plays an integral role in Dubai and the region’s growth story. Since its inauguration, DWTC has hosted over 6,000 events, with an estimated economic output of AED 248 billion, attracting over 38 million business visitors to Dubai.

Building on this legacy, DWTC’s second flagship venue, the Dubai Exhibition Centre (DEC), stands as a premier destination for prominent national and international mega events. Strategically aligned with the Dubai 2040 Urban Master Plan, DEC’s recently announced AED 10 billion expansion is integral to Expo City Dubai’s vision of becoming a global business hub for exhibitions and events. Additionally, developed and managed by DWTC for Expo 2020 Dubai, Expo Village hosts a vibrant residential community with 2,273 units across four clusters, also integrated within the Expo City Dubai ecosystem.

For more information, please contact: media@dwtc.com

  • Revenue for first nine months of 2024 grew by 69% to AED 12.5 billion (US$ 3.4 billion) compared to the same period of 2023.
  • Emaar Development’s sales backlog has increased to AED 83.7 billion (US$ 22.8 billion), 47% higher than December 2023, to be recognised as revenue in the coming years.

Dubai, United Arab Emirates – November 11, 2024: Emaar Development PJSC (DFM: EMAARDEV), the UAE’s premier property development company specializing in build-to-sell assets and majority-owned by Emaar Properties PJSC (DFM: EMAAR), maintained strong momentum during the third quarter of 2024 as well. Property sales rose by 66 percent to AED 48 billion (US$ 13.1 billion) during the first nine months of 2024, compared to AED 28.9 billion (US$ 7.9 billion) for the same period in 2023. The success of 50 projects launches across all the masterplans during first nine months of 2024 further underscores Emaar’s market leadership and positions the company for sustained future growth.

During third quarter of 2024, Emaar introduced “Lavita” at The Oasis, its first community of luxury mansions. Set within a tranquil waterfront landscape, this exclusive collection of 43 six- and seven-bedroom homes blends modern comfort with timeless elegance. Each mansion reflects one of four architectural styles, tailored to the unique character of its residents. Part of The Oasis, a 100-million-square-foot master-planned community, Lavita integrates wellness centres, boutique shops, and walking trails, with energy-efficient systems and eco-friendly materials woven throughout.

Performance Highlights

In the first nine months of 2024 (January to September), Emaar Development reported a Revenue of AED 12.5 billion (US$ 3.4 billion) and an EBITDA of AED 6 billion (US$ 1.6 billion), 69% and 35% higher than first nine months of 2023, respectively.

With a continued uptrend in sales, Emaar sales backlog has reached AED 83.7 billion (US$ 22.8 billion), 47% higher than December 2023, to be recognised as revenue in the coming years.

Mohamed Alabbar, founder of Emaar, commented: “Our performance this quarter reflects the confidence and trust that our customers place in Emaar’s vision. By continuing to innovate and stay ahead of market trends, we create experiences that resonate with evolving lifestyles. Our strategy is centred on adding sustainable value for both our customers and shareholders, driving growth that aligns with Dubai’s ambitions.”

Dubai’s rapid population growth has further solidified its position as a global hub for trade, financial services, logistics, travel, and hospitality. With the city’s population nearing 3.8 million and continuing to rise, demand for housing, infrastructure, and services is expanding at an unprecedented pace. This growth is also driven by emerging sectors such as technology, renewable energy, healthcare, and education, attracting a diverse community of skilled professionals. Emaar Development’s strong sales in the first nine months of 2024 reflect the region’s ability to accommodate this population surge while sustaining high levels of investment and economic growth.

 

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Note to editors:

About Emaar Development PJSC:

Emaar Development is a developer of prime residential and commercial build-to-sell (BTS) assets in the UAE. The company is behind iconic freehold master-planned communities in Dubai, including Emirates Living, Downtown Dubai, Dubai Marina, Arabian Ranches, Dubai Creek Harbour, Dubai Hills Estate, Emaar South, Rashid Yachts & Marina, The Valley and The Oasis. It has delivered approximately 73,000 residential units since 2002. The company has a sales backlog of over AED 83.7 billion. It is a high cash flow generating business, highlighting the company’s robust fundamentals with over 39,000 residential units under development to be delivered.

For more information, please visit https://properties.emaar.com/en/investor-relations/emaar-properties-pjsc/

 

For more information and media queries:
Marketing Department – Emaar
PR@emaar.ae

  • Revenue increased by 30% to AED 23.8 billion (US$ 6.5 billion) and Net profit before tax grew by 24% to AED 12.4 billion (US$ 3.4 billion) in 9M-2024 compared to 9M-2023

Dubai, United Arab Emirates – November 11, 2024: Emaar Properties PJSC (DFM: EMAAR) has announced its financial results for the first nine months of 2024, showcasing consistent growth and operational efficiency across its diverse business segments.

Key Performance Highlights

Emaar recorded total revenues of AED 23.8 billion (US$ 6.5 billion) and a net profit before tax of AED 12.4 billion (US$ 3.4 billion), achieving growth of 30% and 24% over the same period last year. Driven by robust demand in Dubai’s real estate market, consistent project execution capabilities, and sustained investor confidence, our remarkable performance is further bolstered by continued growth in Dubai tourism and retail sales. Emaar’s strategy to improve profit margins and optimise operational efficiencies resulted in Emaar achieving a 17% growth in EBITDA, reaching AED 12.6 billion (US$ 3.4 billion) in the first nine months of 2024. This growth is underpinned by Emaar’s commitment to delivering premium projects and experiences, enhancing value for both its customers and stakeholders.

Emaar’s momentum of property sales continued and reached AED 50 billion (US$ 13.6 billion) in the first nine months of 2024, a growth of 60% compared to the same period last year. This sales performance further expanded the company’s revenue backlog from property sales to over AED 100 billion (US$ 27.2 billion) at the end of September 2024, up 45% from September 2023 and 12% from June 2024. This backlog will be recognized as revenue over the next 4-5 years, indicating sustained profitability.

Commenting on the performance, Mohamed Alabbar, stated: “Our consistent performance in the first nine months of 2024 is a testament to our ability to adapt and thrive in an ever-changing global market. By investing in key locations and launching innovative projects, we continue to redefine luxury living and elevate the lifestyle experience for our customers. As we look forward to the remainder of the year, we are focused on leveraging our strengths to seize new opportunities and drive sustainable growth across all our business segments.”

UAE Build-To-Sell Property Development

Emaar Development PJSC (DFM: EMAARDEV), a majority-owned subsidiary, successfully launched 50 projects across various masterplans and recorded the highest-ever property sales of AED 48 billion (US$ 13.1 billion) in the first nine months of 2024, achieving a growth of 66% over the same period last year (9M-2023).

Emaar Development continued its strong financial performance in Q3 2024 and recorded revenue of AED 12.5 billion (US$ 3.4 billion) and an EBITDA of AED 6 billion (US$ 1.6 billion) in the first nine months of 2024, achieving growth of 69% and 35% respectively over 9M-2023. The consolidated revenue of Emaar Properties from its property development business in the UAE during 9M-2024 reached AED 15.4 billion (US$ 4.2 billion), including Dubai Creek Harbour.

With a continued uptrend in real estate sales, the backlog of Emaar from property sales in the UAE has reached AED 93.8 billion (US$ 25.5 billion), 51% higher than December 2023, which will be recognised as revenue in the coming years.

Shopping Malls and Commercial Leasing

Malls and commercial leasing operations of Emaar achieved revenue of AED 4.2 billion (US$ 1.1 billion) and an EBITDA of AED 3.5 billion (US$ 953 million) in the first nine months of 2024 (9M-2024). During the period, the retail sales performance of our tenants has also witnessed growth of over 6% compared to the same period last year. Emaar Malls prime assets boast occupancy of over 99% as of 30 September 2024.

In June 2024, Emaar Malls announced an AED 1.5 billion (US$ 408 million) investment to expand Dubai Mall, introducing 240 new shops. The expansion is expected to attract more visitors and will feature a variety of new international and local luxury retail and F&B options.

Dubai Mall achieved a milestone in 2023, becoming the most visited place on Earth with 105 million visitors and recording very strong retail sales. This momentum continued into the first nine months of 2024, with the mall receiving a record 82 million visitors, marking an over 6% increase from the same period last year.

Emaar International

In the first nine months of 2024, Emaar’s international real estate operations recorded property sales of AED 1.9 billion (US$ 517 million) and revenues of AED 1.6 billion (US$ 436 million) during the first nine months of 2024, primarily driven by operations in Egypt and India. Revenues from international operations represented 7% of Emaar’s total revenue.

Hospitality, Leisure, and Entertainment

In the first nine months of 2024, Emaar’s hospitality, leisure, and entertainment divisions recorded revenues of AED 2.6 billion (US$ 708 million) for the first nine months of 2024, achieving a 7% growth compared to the same period last year. The performance was driven by the steady growth in the tourism industry and strong domestic spending. Emaar’s UAE hotels, including those under management, reported an average occupancy of 77% in the first nine months of 2024.

Recurring Revenue

Emaar’s recurring revenue-generating portfolio, including malls, hospitality, leisure, entertainment, and commercial leasing, collectively generated revenues of AED 6.8 billion (US$ 1.8 billion) during the first nine months of 2024. This revenue represents 29% of Emaar’s total revenue, reflecting the stability and resilience of Emaar’s diversified business model.

-Ends-

Note to Editors:

About Emaar Properties

Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer and provider of premium lifestyles, with a significant presence in the Middle East, North Africa, and Asia. One of the world’s largest real estate companies, Emaar has a land bank of over 1.7 billion sq. ft. in the UAE and key international markets.

With a proven track-record in delivery, Emaar has delivered approx. 117,000 residential units in Dubai and other global markets since 2002. Emaar has strong recurring revenue-generating assets with approx. 1.4 million sq. mtr. of leasing revenue-generating assets and 38 hotels and resorts with around 9,200 keys (includes owned as well as managed hotels). Today, 36 percent of Emaar’s revenue is from its shopping malls, hospitality, leisure, entertainment, commercial leasing, and international businesses.

Burj Khalifa, a global icon, Dubai Mall, the world’s most-visited retail and lifestyle destination, and Dubai Fountain, the world’s largest performing fountain, are among Emaar’s trophy destinations.

Follow Emaar on:
Facebook: www.facebook.com/emaardubai; X:www.twitter.com/emaardubai; Instagram: www.instagram.com/emaardubai

For all media queries, please contact:
Emaar Marketing Department; Email: PR@emaar.ae

Contemporary art exhibition at Foundry, Downtown Dubai, with blank canvases

This winter, Downtown Dubai’s Foundry opens its doors to Fictional Landscapes, a compelling group exhibition exploring the intersections of identity, migration, and social change. From 9th November to 15th December 2024, the show brings together the work of 28 women artists from South Asia, the Middle East, and post-Soviet countries, offering a rich collection of stories told through textiles, paintings, video installations, and performance pieces. The unrepresented and independent artists presents unique perspectives on the landscapes they inhabit—spaces that exist not just in geography but also in the emotional, political, and cultural realms.

At the core of this exhibition lies a reimagining of landscapes—not just as natural terrains but as entire art spaces shaped by personal and collective memory. These works offer reflections on belonging, displacement, transformation, and the ongoing impact of migration on individual lives. The exhibition invites viewers to immerse themselves in narratives where public and personal spaces overlap, blurring boundaries and reshaping our understanding of the world around us.

Among the featured artists are Irina Nakhova and Oksana Mas, renowned for their work on identity and memory, which has appeared at the Venice Biennale. Emerging UAE-based talents like Sara Masinaei and Sophiya Khwaja join them, offering intimate perspectives on home, displacement, and personal identity. The exhibition also highlights the contributions of Anna Afonina, Almagul Menlibayeva, and Fatima Uzdenova, whose works challenge patriarchal systems and explore the interplay between political realities and social change. These diverse voices create a compelling dialogue, connecting personal stories to larger cultural conversations through an array of artistic mediums.

Beyond the Gallery Walls

Fictional Landscapes is not confined to the walls of the gallery; it invites its guests to reflect upon their environment and the way art is influenced by the urban environment. The exhibition extends its conversation to the streets of Dubai and its ever-changing landscape. The artworks featured in this exhibition explore gender, migration, and politics, prompting viewers to question how these themes shape both personal lives and larger social movements. Through immersive media, tactile installations, and conceptual performances, visitors are drawn into a dialogue between public and private spaces. The exhibition suggests that landscapes are not just backdrops to human experience but active players in shaping identity and society.

Foundry Dubai’s Evolving Art Scene

Foundry Dubai is a is hybrid progressive art space, located in Boulevard Crescent, has quickly become a creative hub for regional and global talent, known for its innovative blend of gallery spaces, co-working environments, and cultural programming. The space aims to foster artistic exchange, bridging different perspectives through exhibitions like Fictional Landscapes. It offers a platform where local creatives and international voices meet, underscoring Dubai’s ambition to become a global arts destination.

As part of Emaar Properties’ portfolio, Foundry Downtown Dubai reflects the company’s commitment to integrating culture and the local creative community into its developments. Emaar, known for creating landmarks like the Burj Khalifa and Dubai Opera, supports initiatives that promote artistic expression and collaboration. Foundry exemplifies this vision by building spaces that nurture creativity, aligning with Dubai’s Creative Economy Strategy to expand art tourism and position the city as a leading destination for culture and innovation.

Connecting Through Stories

At a time when migration, memory, and identity dominate global conversations, Fictional Landscapes offers an artistic lens through which to explore these themes. By highlighting both established and emerging voices, the exhibition provides a platform for personal stories to enter a larger cultural dialogue. It emphasizes the evolving nature of contemporary art within Dubai’s evolving cultural scene and its ability to create connections across diverse audiences.

The artists use their work to reflect on the complexities of gender and politics, creating pieces that resonate with viewers on both personal and societal levels. As a hybrid progressive art space, the exhibition suggests that art can act as a bridge between individual experiences and collective histories, encouraging culture enthusiasts and audiences to reflect on their own place within these narratives.

Mark Your Calendar

Fictional Landscapes offers an immersive experience that will leave a lasting impression. Whether you’re an art enthusiast or someone curious about new perspectives, this exhibition provides an opportunity to engage deeply with stories that transcend cultural boundaries.

Running from 9th November to 15th December 2024 at Foundry, Downtown Dubai, the Fictional Landscapes promises to be a highlight of the city’s cultural calendar. Explore the works, reflect on their themes, and enjoy the vibrant surroundings of Downtown Dubai—because some journeys are too meaningful to miss.

  • Emaar is offering an exclusive New Year’s Eve experience at Burj Park, with front-row views of the Burj Khalifa fireworks and synchronised Dubai Fountain show, live entertainment, and curated food and beverage stalls.
  • While Burj Park is a ticketed experience, other viewing areas in Downtown Dubai will remain free and open to the public.
  • Tickets for Burj Park, starting at AED 580 for adults and AED 370 for kids above the age of 5, will be available from October 24, 2024, at mydubainewyear.emaar.com.

Dubai, UAE – October 14, 2024 – Following the success of last year’s exclusive New Year’s Eve experience, Emaar is proud to once again offer a premier celebration at Burj Park, providing attendees with front-row views of the world-renowned Burj Khalifa fireworks and synchronised Dubai Foutain show. This year’s event promises an even more refined and unforgettable experience, with live entertainment, kids’ workshops, a curated selection of food and beverage options, and a welcoming atmosphere for families and friends to celebrate the arrival of 2025.

Burj Park will once again be the ideal location for guests looking to enjoy the iconic Burj Khalifa light, music, and fireworks show in an exclusive, ticketed setting. Guests can secure a coveted direct view, ensuring an experience free from the usual New Year’s Eve crowds. Whereas Burj Park offers this ticketed experience, the rest of the public viewing areas in Downtown Dubai will remain free and open to the public, allowing everyone to enjoy the spectacular display.

Starting at 3:30 pm on December 31, 2024, guests can enjoy a vibrant array of live entertainment throughout the day, including DJ performances, live bands, and children’s activities. More than 10 food and beverage stalls will offer a wide range of dining options, creating a truly festive experience.

Tickets are priced at AED 580 for adults and AED 370 for kids above the age of five (inclusive of VAT). Each ticket includes a food and beverage voucher (AED 60 for adults and AED 30 for kids) adding to the seamless experience. Seating will be available on a first-come, first-served basis, with a combination of picnic tables, drum tables, and bean bags to ensure comfort for all attendees.

Emaar has streamlined the guest experience with improved navigation and designated badge collection points. Attendees are requested to collect their badges from December 26 to 30 to ensure smooth entry to Burj Park. Colour-coded navigation flags will further assist guests in finding their way to the venue.

Tickets will go on sale starting October 24, 2024, and can be booked through the official website: https://mydubainewyear.emaar.com.

-ENDS-

Note to Editors:

About Emaar Properties

Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer and provider of premium lifestyles, with a significant presence in the Middle East, North Africa and Asia. One of the world’s largest real estate companies, Emaar has a land bank approx. 1.8 billion sq. ft. in the UAE and key international markets.

With a proven track-record in delivery, Emaar has delivered over 116,500 residential units in Dubai and other global markets since 2002. Emaar has strong recurring revenue-generating assets with approx. 1.4 million sq. mtr. of leasing revenue-generating assets and 38 hotels and resorts with over 9,100 keys (includes owned as well as managed hotels). Today, 37% of Emaar’s revenue is from its shopping malls & retail, hospitality & leisure and international subsidiaries.

Burj Khalifa, a global icon, Dubai Mall, the world’s most-visited retail and lifestyle destination, and Dubai Fountain, the world’s largest performing fountain, are among Emaar’s trophy destinations.

Follow Emaar on:

Facebook: www.facebook.com/emaardubai

X: www.twitter.com/emaardubai

Instagram: www.instagram.com/emaardubai

For more information:
Emaar Marketing Department; Email: PR@emaar.ae