Emaar Development Announces 2024 Financial Results at AGM

Emaar Development PJSC (DFM: EMAARDEV) convened its Annual General Meeting (AGM) today, where the Board of Directors assessed the company's financial achievements for 2024 and outlined its vision for future expansion.

Shareholders Approve AED 2.7 Billion Dividend

During the meeting, shareholders endorsed the Board’s recommendation to distribute AED 2.7 billion (US$ 740 million) in dividends, which accounts for 68% of the company’s share capital. Additionally, the AGM approved the Board’s report detailing the company’s financial position and activities, along with the Auditor’s report.

Record-Breaking Property Sales and Revenue Growth

Emaar Development recorded AED 65.4 billion (US$ 17.8 billion) in property sales for 2024, marking an impressive 75% surge compared to the previous year. The company’s revenue backlog expanded to AED 90.9 billion (US$ 24.7 billion), ensuring sustained future growth. Total revenue for the year climbed 61% year-on-year to reach AED 19.1 billion (US$ 5.2 billion), while net profit before tax rose by 20% to AED 10.2 billion (US$ 2.8 billion).

Expansion Through New Projects and Land Acquisitions

Demonstrating its commitment to market leadership, Emaar Development launched 62 new projects across its master-planned communities throughout 2024. This strategic expansion strengthens its portfolio and reinforces its reputation for delivering premium residential and commercial developments. In addition, the company acquired 141 million square feet of prime land, with a total development value estimated at AED 96 billion, further enhancing its long-term growth prospects.

Mohamed Alabbar, Founder of Emaar, commented: “Our 2024 results are a testament to our focus on excellence, innovation, and customer satisfaction. Every project we launch is about more than just real estate—it’s about building communities that enhance the lives of residents and contribute to Dubai’s global appeal.”

He added: "By embracing technology and sustainability, we aim to redefine modern living while ensuring lasting value for our customers and stakeholders. Looking ahead to 2025, we will further strengthen our commitment to introducing new developments that align with our vision for sustainable urban growth while supporting economic growth and nurturing the next generation of talent."