Revenues from UAE operations alone hit Dh7.1b, fueled by new project launches driving strong sales.
Dubai: Emaar Properties has delivered impressive results, with H1-2024 revenues rising 17% to Dh14.4 billion, leading to a net profit before tax of Dh7.8 billion. This marks a remarkable 33% increase compared to the same period last year.
Emaar continues to capitalize on Dubai’s robust property market with consistent launches, focusing on community-themed projects that resonate with both UAE-based and overseas buyers. “Our strategic investments in key locations and major assets have yielded impressive returns,” said Mohammed Alabbar, Emaar’s founder.
The group’s revenue backlog from property sales climbed to Dh90.1 billion by the end of June, a 43% jump from the previous year and a 15% increase since March 2024. This backlog represents “future revenue to be recognized over the next 4-5 years,” highlighting Emaar’s sustained profitability.
Dubai Operations:
Emaar Development, which focuses on UAE projects, reported a 56% surge in property sales to Dh29.7 billion in H1-2024. Consistent project launches have created a strong revenue pipeline for the future.
The company recently acquired a 60-million-square-foot land plot near its ‘The Oasis’ masterplan, valued at Dh41 billion. This complements the 81 million square feet acquired in December 2023 in the same area. Two signature projects, The Heights Country Club & Wellness and Grand Polo Club & Resort, were launched, spanning 141 million square feet and carrying a combined development value of Dh96 billion.
Emaar Development recorded H1-2024 revenues of Dh7.3 billion, with EBITDA reaching Dh3.4 billion, representing year-on-year increases of 65% and 47%, respectively. The UAE sales backlog rose to Dh82.3 billion, a 33% increase from December 2023.
Malls and Commercial Leasing:
Emaar’s malls and commercial leasing segment contributed Dh2.8 billion in revenues and an EBITDA of Dh2.3 billion during H1-2024. The retail sales performance of tenants grew by over 7% compared to the previous year. Prime assets, such as The Dubai Mall, maintained an occupancy rate of nearly 99%.
In June, Emaar Malls announced a Dh1.5 billion expansion of The Dubai Mall, which will add 240 new shops. The expansion aims to attract more visitors and includes new international and local luxury retail and F&B options. (Dubai Mall has also introduced a paid parking system in partnership with Salik.)
A Record-Breaking H1-2024 for The Dubai Mall:
The Dubai Mall maintained its position as the most visited place on Earth, attracting 105 million visitors in 2023. In H1-2024 alone, it welcomed 57 million visitors, an 8% increase compared to the same period last year.
