Real Estate

Emaar Development PJSC (DFM: EMAARDEV) held its Annual General Meeting (AGM) today, where the Board of Directors reviewed the company’s financial performance for 2024 and outlined its strategic plans for future growth.

During the AGM, shareholders approved a dividend distribution of AED 2.7 billion (US$ 740 million), representing 68% of the share capital. The meeting also saw the approval of the Board’s report on company activities, financial statements, and the Auditor’s report.

Record Sales and Revenue Growth in 2024

Emaar Development reported property sales of AED 65.4 billion (US$ 17.8 billion) in 2024, marking a 75% year-on-year increase. The company’s revenue backlog reached AED 90.9 billion (US$ 24.7 billion), ensuring strong future revenue streams.

Key financial highlights from 2024 include:

• Total revenue: AED 19.1 billion (US$ 5.2 billion), up 61% from 2023.

• Net profit before tax: AED 10.2 billion (US$ 2.8 billion), reflecting a 20% increase.

Expansion and Future Growth Strategy

Emaar Development strengthened its market presence by launching 62 new projects across its master-planned communities in 2024. The company also acquired 141 million square feet of prime development land, valued at AED 96 billion, reinforcing its commitment to long-term growth.

Commenting on the results, Mohamed Alabbar, Founder of Emaar, stated:
"Our 2024 results highlight our dedication to excellence, innovation, and customer satisfaction. We are not just building real estate but shaping vibrant communities that enhance Dubai’s global appeal."

He further emphasized Emaar’s focus on technology and sustainability, stating:
"Looking ahead to 2025, we will continue introducing new developments that align with our vision for sustainable urban growth while supporting economic expansion and fostering new talent."

Emaar Development’s performance underscores its leadership in the UAE’s real estate sector, with its strategic approach ensuring sustained growth and long-term value for stakeholders.

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