Emaar Development Reports 2024 Financial Results at Annual General Meeting - Middle East Business News and Information
Emaar Development PJSC (DFM: EMAARDEV) today held its Annual General Meeting (AGM), where the Board of Directors reviewed the company's financial performance for 2024 and discussed its future growth strategy.
During the AGM, shareholders approved the Board of Directors' proposal to distribute a dividend of AED 2.7 billion (US$ 740 million), representing 68% of the share capital. The Board's report on the company's activities and financial position, as well as the Auditor's report, were also approved.
Emaar Development reported property sales of AED 65.4 billion (US$ 17.8 billion) in 2024, reflecting a 75% increase compared to the previous year. The company's revenue backlog reached AED 90.9 billion (US$ 24.7 billion), supporting future revenue growth. Total revenue for the year amounted to AED 19.1 billion (US$ 5.2 billion), up 61% from 2023, while net profit before tax increased by 20% to AED 10.2 billion (US$ 2.8 billion).
Throughout 2024, Emaar Development launched 62 projects across its master plans, further strengthening its presence in the market and reinforcing its commitment to shaping high-quality communities. The company also acquired 141 million square feet of prime development land, with a total development value of AED 96 billion.
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.'
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 74,000+ residential units since 2002. The company has a sales backlog of over AED 90.9 billion. It is a high cash flow generating business, highlighting the company's robust fundamentals with over 42,000 residential units under development to be delivered.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mid East Info
2 days ago
- Mid East Info
Kaizen AI, a quiet disruptor, is set to transform US$654.39 trillion global real estate market with Artificial Intelligence
UAE property developers could increase their profits by more than 10 percent from projects, without making major changes to the designs from start-up Kaizen AI's proprietary technology, which is entering the UAE and GCC real estate and construction sectors to help the industry News Highlights: 1. The global real estate market is projected to reach US$654.39 trillion by 2025, with residential real estate accounting for US$534.37 trillion; 2. Kaizen AI's proprietary technology offers more than 10 percent cost savings by optimising projects; 3. With over 150 projects optimised across seven countries and US$5.4 billion in added value, Kaizen AI is rapidly gaining recognition as one of the most impactful players in global proptech; 4. An estimated US$590 billion worth of projects are being constructed in the UAE, which is 15 percent of the overall Middle East and North Africa total project pipeline value of US$3.9 trillion. As the GCC real estate landscape continues to evolve, one company is emerging as a game-changer—quietly, yet powerfully. Kaizen AI, an India-born proptech startup, is redefining the economics and sustainability of large-scale real estate development through Artificial Intelligence (AI). With over 150 projects optimised across seven countries and US$5.4 billion in added value, Kaizen AI is rapidly gaining recognition as one of the most impactful players in global proptech — and one to watch closely in the UAE. The global real estate market is projected to reach US$654.39 trillion by 2025, with residential real estate accounting for US$534.37 trillion, according to market intelligence firm Statista. With a steady Compound Annual Growth Rate (CAGR) of 2.69 percent, the market is expected to surpass US$727 trillion by 2029. An estimated US$590 billion worth of projects are being constructed in the UAE, which is 15 percent of the overall Middle East and North Africa total project pipeline value of US$3.9 trillion. In this massive and increasingly competitive landscape, Kaizen AI empowers developers and architects to unlock millions in added value—using advanced AI to optimise space planning, reduce costs, and improve project efficiency without compromising design intent. The company's expansion into the GCC region, including Dubai, Ras Al Khaimah, Muscat, and Riyadh, marks a new chapter for the firm, whose platform has already delivered an average 10.26 percent increase in project value for leading developers. These results are achieved without altering the architect's design intent, making Kaizen AI a seamless and scalable solution for design and planning optimisation. 'Our goal is simple: to maximise profitability, enhance sustainability, and help developers and architects make smarter, faster design decisions using AI,' said Jay Shah, Founder and CEO of Kaizen AI. Kaizen AI's platform leverages multi-parameter optimisation to analyse and improve a wide range of design variables—from built-up area and efficiency ratios to cost and carbon footprint—delivering tangible ROI for clients. In one example, Kaizen AI helped Godrej Properties, India's largest real estate developer, reduce costs by 15.4 percent, while also unlocking significant environmental gains. In total, the company has helped reduce 5.67 million square feet of constructed area and saved 712 million metric tonnes of CO₂—the equivalent of grounding all commercial flights globally for eight months. The firm has gained the trust of 8 of the 10 largest real estate developers in India, and is now working with multiple publicly listed companies across the U.S., Southeast Asia, and the Middle East. With its entry into the UAE, Kaizen AI is targeting partnerships with developers, architects, and cost consultants who are ready to embrace data-driven efficiency and future-forward planning. Jay Shah, who studied AI optimization during his graduate studies at Columbia University in New York, spent over a decade as an architect on large-scale global projects before founding Kaizen AI. This blend of technical expertise and real-world design experience sets Kaizen apart in a space often dominated by theory-heavy, impractical tools. 'We're not here to replace anyone—we're here to amplify the capabilities of entire project teams,' says Jay Shah. 'For developers, we unlock millions in hidden profitability by helping make smarter, faster decisions at the earliest stages—before a single brick is laid. For architects, we provide data-backed design scenarios that preserve creative intent while meeting commercial and environmental goals. The built environment is one of the largest contributors to climate change and capital expenditure. With Kaizen, we're enabling stakeholders to build not just more profitably—but more responsibly.' Unlike many AI ventures that rely on speculative valuations and VC capital, Kaizen AI runs on a performance-based, fee-for-service model—charging a percentage of the value it creates. This approach has made even the most traditional real estate players eager adopters. As the UAE and wider GCC continue to prioritize sustainable development, smart cities, and innovation-led infrastructure, Kaizen AI is poised to become a powerful enabler for the region's ambitious vision. About Kaizen AI: Kaizen AI is a cutting-edge proptech company at the intersection of architecture, artificial intelligence, and sustainability. Purpose-built for developers, architects, and cost consultants, Kaizen's platform enables data-driven decision-making from the earliest stages of design. By simulating thousands of design possibilities in minutes, Kaizen AI helps project teams unlock hidden profitability, reduce environmental impact, and accelerate approvals. Headquartered in India and expanding rapidly across the GCC and global markets, Kaizen AI is redefining how real estate is planned, optimized, and built.
Mid East Info
2 days ago
- Mid East Info
Dubai real estate market shatters records with historic AED66.8 bn of transactions in May 2025, Property Finder reveals
Dubai's real estate market delivered AED66.8 billion in sales transactions across 18,700 deals last month, solidifying the emirate's position as a global real estate powerhouse Primary ready sales reached AED17.9 billion, a 314% increase in value over last year, across 2,400 transactions, clocking up 145% growth. Secondary ready sales also reached a new peak, with 6,078 transactions worth AED24 bn, representing 8% growth in volume and 21% year-over-year growth in value, underscoring strong and sustained demand in the resale market. DUBAI, UNITED ARAB EMIRATES,June 2025: Property Finder, the leading property portal in the MENA region, has released its market performance highlights for May 2025, highlighting yet another month of record-breaking activity. Dubai's real estate market witnessed AED66.8 billion in sales transactions across 18,700 deals last month, Property Finder's proprietary data reveals. This historic achievement represents a staggering 44% year-over-year surge in transaction value and a solid 6% increase in volume, signalling robust market confidence and sustained investor appetite for Dubai properties. The performance was driven by strong growth in ready transactions, for both primary and secondary segments. Primary ready sales more than quadrupled compared to May 2024, reaching AED17.9 billion. This represented a 314% increase in value across 2,400 transactions and a 145% growth. Secondary ready sales also reached a new peak, with 6,078 transactions worth AED24 billion, representing 8% and 21% year-over-year growth in volume and value, respectively, underscoring strong and sustained demand in the resale market. Key data highlights: Primary market continues its dominance: Overall, primary ready and off-plan sales skyrocketed, rising by 65% year-over-year to reach AED 37 billion in May 2025. Secondary market shows resilience: Overall, the secondary sales market set a new record in May 2025, with AED 29 billion in transaction value and 8,471 transactions, up 23% and 15% year-over-year, respectively. Strategic investment hotspots: Business Bay emerged as a premium investment magnet, capturing 5% of total primary transaction value despite representing only 3% of volume, indicating high-value, sophisticated investment activity. Al Barsha demonstrated broad market appeal, accounting for 2% of total value while commanding 5% of transaction volume, showcasing strong demand across price points. A notable AED 1.5 billion land transaction in Palm Deira further underscored institutional confidence in Dubai's long-term growth trajectory, bolstered by strong resale activity in key communities such as Business Bay, Al Barsha, and Wadi Al Safa 3. Consumer behaviour trends: Consumer preferences have stayed steady for the past one year, with apartments dominating demand from home seekers, representing 78% of rental searches and 60% of buyer interest. While studios attracted 21% of rental searches and only 15% of purchase interest, one-bedroom units commanded 35% of purchase searches and 38% of rental searches. This imbalance could potentially suggest that while studios are more attractive for budget-conscious renters, buyers tend to prioritise larger units, due to perceived long-term value, livability, or investment potential. Cherif Sleiman, Chief Revenue Officer at Property Finder, said, 'Just when we thought April was Dubai's most significant month in terms of transaction value at AED62.1 bn, May eclipsed this with AED66.8 billion in transaction value. This underscores the sustainability of the trends driving current growth. Dubai continues to lead real estate innovation by example, as evidenced by the recent launch of the region's first licensed tokenized property investment platform by Dubai Land Department. With the remarkable growth in population this year, welcoming nearly 1,000 new residents each day – double of last year's daily visitor arrivals, demand for housing is poised to reach peak levels. Against this backdrop, the real estate market is enjoying positive momentum, fuelled by digital transformation, international investor appetite, and a surge in demand for premium living. Real estate leaders who participated in Property Finder's recent roundtable are confident of transaction activity picking up throughout 2025, buoyed by unprecedented interest from international investors, alongside a strong off-plan performance and vibrant luxury resale activity. These trends speak to the city's enduring appeal and resilience, even amid global uncertainty. As Dubai shapes the future of real estate, Property Finder remains committed to empowering buyers and investors with the insights they need to move with confidence.'
Egypt Independent
2 days ago
- Egypt Independent
Egypt looks forward to establishing American industrial zone in Suez Canal: Sisi
Egyptian President Abdel Fattah al-Sisi on Monday received a delegation of US businessmen participating in the Egyptian-US Economic Forum held in Cairo. The President expressed Egypt's readiness to cooperate with the US business community and investors in all economic fields of mutual interest, in light of US President Trump's support towards enhancing cooperation between Egyptian and American companies. Sisi affirmed that Egypt looks forward to establishing a US industrial zone in the Suez Canal Economic Zone and emphasized that the country is ready to provide all the necessary facilities to American investors. The delegation was headed by CEO and President of the US Chamber of Commerce Suzanne Clark, and the Chairman of the US-Egypt Business Council and CEO of Apache Corporation John Christmann. The Spokesperson for the Egyptian Presidency, Mohamed al-Shennawy, said the President first met with Clark and Christmann before being joined by the members of the delegation. President Sisi noted that investing in Egypt is a promising opportunity for any investor, as it enjoys both political and societal stability based on the awareness of citizens and their resilience in enduring the major and harsh economic reforms that were implemented to achieve public interest, especially in light of regional disturbances. Egypt is looking forward to becoming a major industrial hub for American industries, and seeks to also serve as a large market and gateway to the Arab region and the African continent, owing to the strong ties Egypt shares with the continent's countries. Fruitful US cooperation Clark noted that the delegation's visit to Egypt confirms the strength and solidity of the strategic alliance between Egypt and the USA. She explained that American companies operating in Egypt have achieved significant successes and contributed to the development process in Egypt, and are considered a model to be emulated in the success of cooperation between the two countries, similar to the Apache Corporation. This was highly valued by President Sisi, who expressed his appreciation for the success of Apache's business in Egypt and the expansion of its scope of work. The meeting was also attended by Prime Minister Mostafa Madbouly, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel al-Wazir, Minister of Planning, Economic Development and International Cooperation Rania al-Mashat, Minister of Foreign Affairs, Emigration and Egyptian Expatriates Badr Abdelatty and Minister of Investment and Foreign Trade Hassan al-Khatib.
